U.s. Economy, Job Market | 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 jumped by 16,000 last week, the second straight weekly increase. But the longer-term trend in layoffs remained consistent with an improved job market.

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.

Fewer Americans sought unemployment aid last week, reducing the average number of weekly applications last month to a five-year low. The drop shows that fewer layoffs are strengthening the job market. The Labor Department says applications fell 10,000 to a seasonally adjusted 332,000. That pushed the four-week average to 346,750, the lowest since March 2008, just several months after the Great Recession began. Applications are a proxy for layoffs. They have fallen nearly 13 percent since November.

The number of Americans seeking unemployment aid plummeted to a five-year low last week, a hopeful sign the job market may be improving.

Fewer Americans applied for unemployment benefits last week, and a private survey showed businesses stepped up hiring in August. The data sketched a brighter outlook for the job market one day before the government reports on August employment.

The number of Americans seeking unemployment benefits was unchanged last week at a seasonally adjusted 374,000, suggesting slow improvement in the job market.