But are the numbers really that good? (Zero Hedge).
Following the March NFP disappointment, it was only reasonable to expect a modest beat in this month's data which came at +165,000, on expectations of +140,000, and following a revision to the March number from 88K to 138K. The unemployment rate declined from 7.6% to 7.5% beating, expectations of an unchanged print. The flipside, as always, is that the labor participation rate remained flat, at 63.3%, once again the lowest since 1979.
At NetRightDaily, Rick Manning writes:
The headlines read that the nation’s unemployment rate for April hit 7.5 percent. But the real story behind the headline is that America is becoming a society of labor drop outs. These charts using just released data from the Bureau of Labor Statistics have been compiled to help you look behind the headlines at our nation’s unemployment problem.
Since Obama took office, the number of Americans considered to be eligible to participate in the workforce has increased by 10.4 million people.
But, the Bureau of Labor Statistics reports that the workforce only increased by 1 million workers since President Obama took office.
The number of Americans reporting to the Bureau of Labor Statistics that they are not in the labor force has jumped by 9.5 million since Obama took office.You call that a "recovery?"
Get out the disco balls cause it's 1979 once again.