The Bureau of Labor Statistics announced that 165,000 jobs were added last month: "Employment increased in professional and business services, food services and drinking places, retail trade, and health care." The unemployment rate edged down to 7.5% from 7.6%.
The jobs number was higher than expected—the Wall Street Journal says some were expecting 148,000 while the NY Times says 140,000.
The Times adds, "Economists have been warning that the economy — and job creation — will slow in the second-quarter, largely as a result of fiscal tightening in Washington. Payroll taxes increased in January, and across-the-board spending cuts mandated by Congress went into effect in March, and their impact is expected to be felt more broadly in the months ahead."
One economist told Bloomberg News, "The demise of this recovery is grossly exaggerated. We’re still in a soft patch, but the job market is not falling apart. The U.S. labor market is in much better shape than most people feared."
