Job growth continues as economy rebuilds

     The unemployment rate fell to 5.4 percent, the lowest rate since May 2008, wrote Jason Furman, chairman of the Council of Economic Advisers, in a blog post on WhiteHouse.gov.
     In March, employers added only 126,000 positions, the Bureau of Labor Statistics originally reported, and the bureau has now revised those numbers to an even lower level – just 85,000 jobs were added. During April, however, businesses bounced back from winter weather, Furman wrote. Employers added positions in business services (62,000 jobs) health care (45,000 jobs) and construction (45,000 jobs).
    The big picture shows a sustained, if gradual, recovery. The private sector has added 12.3 million jobs over 62 straight months of job growth, according to Furman.
    The Labor Department report also showed a slow but steady increase in wages. Average hourly earnings for employees rose by 3 cents to $24.87 in April. Average hourly earnings have increased by 2.2 percent during the past 12 months.
    Despite the gains, the number of long-term unemployed, those jobless for 27 weeks or more, remained about 2.5 million and accounted for nearly a third (29 percent) of the unemployed. During the past 12 months, the number of long-term unemployed has decreased by 888,000.  
     Another number that has remained stagnant is the 6.6 million workers involuntarily on part-time schedules. (In other words, these are people who wanted a full-time job but were working part time because their hours had been cut back or because they were unable to find a full-time job.) 

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