Unemployment falls to 7.5%, 165,000 jobs added

Jeremy Hobson May 3, 2013
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Unemployment falls to 7.5%, 165,000 jobs added

Jeremy Hobson May 3, 2013
HTML EMBED:
COPY

The Bureau of Labor Statistics reports that the economy added 165,000 jobs last month, beating analyst expectations. The unemployment rate fell to 7.5 percent, the lowest since December of 2008.

The labor department also issued new estimates for February and March. February’s data was revised up from 268,000 to 332,000 jobs added. March was revised up from 88,000 to 138,000.

Julia Coronado, chief economist with the investment bank BNP Paribas, says the overall numbers are strong, though the details are a bit of mixed bag.

“Real strength is coming from tourism and retail,” says Coronado. “This a story with a good side and a bad one. The good side is foreign visitors continue to visit in record levels boosting the economy. The downside is that those jobs are not always of the best quality.”

Click on the audio player above to hear more about how the sequester is and isn’t impacting the jobs market.


Audio Extra: Chris Low, chief economist with FTN Financial, discusses the latest jobs numbers and how the markets are reacting.

 

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