U.S. Economy Adds 211,000 Jobs, Unemployment Rate Drops to Lowest in a Decade

The US economy added 211,000 jobs in April, rebounding after an unexpectedly weak month, according to the Bureau of Labor Statistics.

Economists had forecast that nonfarm payrolls rose by 190,000, Bloomberg said.

The bounce in jobs growth confirmed that the slowdown in March was a weather-related aberration, said Tony Bedikian, head of global markets for Citizens Bank.

“Businesses are certainly hiring and there’s no sign that we see of any bump in the road in hiring trends,” he told Business Insider.

The gains in March were revised down by 19,000 jobs to 79,000.

The unemployment rate in April fell to 4.4%, the lowest since May 2007, which suggests the economy was even closer to full employment — a situation in which most people who looked for a job found one. The U-6 unemployment rate, a broader measure that includes people who are working part-time for economic reasons, fell to 8.6%, the lowest since November 2007.

After two months of declines, the retail sector added 6,300 jobs. But the losses may not be over, as roughly 3,500 stores are expected to close over the next few months with retail giants like Macy’s and JCPenney shuttering locations. Department stores, for example, shed 600 jobs even as the broader sector increased hiring.

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SOURCE: Business Insider, Akin Oyedele