US Unemployment Rate Down to 5-1/2 Year Low


In April of 2014, the jobless rate fell from 6.7 percent to 6.3 percent, the lowest rate since September of 2008, as both unemployed reentering the labor market and new entrants into the labor force fell.

The number of unemployed persons, at 9.8 million, decreased by 733,000. Both measures had shown little movement over the prior 4 months. Over the year, the unemployment rate and the number of unemployed persons declined by 1.2 percentage points and 1.9 million, respectively. 

Among the major worker groups, unemployment rates declined in April for adult men (5.9 percent), adult women (5.7 percent), teenagers (19.1 percent), whites (5.3 percent), blacks (11.6 percent), and Hispanics (7.3 percent). The jobless rate for Asians was 5.7 percent (not seasonally adjusted), little changed over the year. 

In April, the number of unemployed reentrants and new entrants declined by 417,000 and 126,000, respectively. The number of job losers and persons who completed temporary jobs decreased by 253,000 to 5.2 million. 

The number of long-term unemployed (those jobless for 27 weeks or more) declined by 287,000 in April to 3.5 million; these individuals accounted for 35.3 percent of the unemployed. Over the past 12 months, the number of long-term unemployed has decreased by 908,000. 

The civilian labor force dropped by 806,000 in April, following an increase of 503,000 in March. The labor force participation rate fell by 0.4 percentage point to 62.8 percent in April. The participation rate has shown no clear trend in recent months and currently is the same as it was this past October. The employment-population ratio showed no change over the month (58.9 percent) and has changed little over the year. 

US Unemployment Rate Down to 5-1/2 Year Low


U.S. Bureau Labor Statistics | Joana Taborda | joana.taborda@tradingeconomics.com
5/2/2014 1:59:50 PM