After a disappointing March, job creation has bounced back in April. According to a recent CNBC article, the unemployment rate fell to 4.4 percent with 211,000 jobs added this month, which is the lowest is has been since May 2007.
With 185,000 jobs expected for the month of April, economists were wrong about the 4.6 percent jobless rate. Leisure and hospitality added 55,000 positions concentrating the growth to lower-paying areas. Business and professional services came in second at 39,000 new jobs and health care and social assistance reported 37,000 new positions.
"The Federal Reserve, while not a religious entity, has indicated that its members have faith that the economy will return to a familiar, steady growth path after a lackluster start to the year," said Mark Hamrick, senior economic analyst at Bankrate.com. "The April jobs report helps them to keep their own brand of faith, meaning that the odds are good that the outlook remains for rising interest rates."
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