Good News, U.s. Economy | featured news

The job market plugged along steadily, and unemployment fell in April, according to new data out Friday, suggesting that the U.S. economy is still expanding. The nation added 165,000 jobs in April as the unemployment rate fell to 7.5 percent, from 7.6 percent in March, the Labor Department said on Friday. The news was particularly welcome after a mere 88,000 jobs were initially reported to have been added in March; the new report revised that estimate to a healthier 138,000, suggesting that the labor market isn't slumping as much as it had appeared.

The number of Americans seeking unemployment benefits fell to the lowest level in more than five years, a positive signal for the labor market ahead of Friday's April jobs report.

U.S. economic growth accelerated from January through March, buoyed by the strongest consumer spending in more than two years. The strength offset further declines in government spending that are expected to drag on growth throughout the year.

Sales of new single-family homes rose in March, indicating the housing market recovery remains on track.

A sharp decline in the price of oil this month is making gasoline cheaper at a time of year when it typically gets more expensive. It's a relief to motorists and business owners and a positive development for the economy. Over the past three weeks, the price of oil has fallen by 9 percent to $89 a barrel.

The number of Americans seeking U.S. unemployment benefits fell sharply last week to a seasonally adjusted 346,000, suggesting March's weak month of hiring may be a temporary slowdown.

Consumer spending rose in February and sentiment among Americans perked up this month, further signs of an acceleration in economic activity in the first quarter after a near stall in late 2012.

Home resales hit a three-year high in February and prices jumped, adding to signs of an acceleration in the housing market recovery, even though the supply of properties on the market increased.

The number of people seeking U.S. unemployment aid barely changed last week, while the average over the past month fell to a fresh five-year low. The decline in layoffs is helping strengthen the job market.

Groundbreaking to build homes rose in February and new permits for construction climbed to the highest level since 2008, a sign the nation's housing market recovery is gathering steam.