Skip to main content
Updated:
Original:

Jobless rate fell to 6.3 percent in April

The U.S. economy added 288,000 jobs in April, surpassing expectations with the largest increase since January of 2012, and the unemployment rate fell to 6.3 percent, the lowest in 5-1/2 years.

The Bureau of Labor Statistics said today that the employment gains were widespread, led by growth in professional and business services, retail trade, food services and drinking places, and construction.

Figures for the previous two months were revised upward to show 36,000 more jobs than the government had previously reported. The unemployment rate fell in April partly because of a decline in the number of unemployed people who re-entered the job market and a drop in the number of new people in the labor force.

The jobless rate was the lowest since September of 2008.

Reuters said the report suggested a sharp rebound in the economy in the early part of the second quarter.

"The economy really has strong underlying fundamentals supporting its growth. Temporary headwinds such as the bad weather can be certainly managed," Russell Price, senior economist at Ameriprise Financial in Troy, Mich., told the news service.

The government said the number of unemployed people fell by 733,000 in April, to 9.8 million and said that measure and the jobless rate had shown little movement during the previous four months.

The long-term unemployed — people jobless for 27 weeks or more — declined by 287,000 in April, to 3.5 million, and they accounted for 35 percent of the unemployed.

The number of people who were employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed at 7.5 million in April, the government said. Those people were working part time because their hours had been cut or they were unable to find full-time work.

Related

AIM Marine Group Hosts Meet the Editors Event

More than a dozen editors from Active Interest Media’s Marine Group participated in the day-long, information-sharing event.

Fairline Makes Leadership Appointments

The British luxury boatbuilder founded plans to chart its course for the future with a new CEO and the return of Derek Carter as chairman.

Battle on the Great Lakes Rages On

The Icebreaker Wind Turbine Development faces strong headwinds from boating and fishing groups.

Limestone Boat Co. Expands Dealer Network

The company adds four new dealers to its roster, with three to represent Aquasport Boats.

NMEA Announces ‘22 Training Course Schedule

For next year, marine training courses will be offered as virtual and in-person sessions for basic marine electronics installers, and in-person only for advanced installers.

GM Invests $150M in Electric Boat Start-Up

General Motors has acquired a 25-percent stake in Pure Watercraft, a Seattle-based e-propulsion outfit.

Patrick Acquires Marine and RV Seating Maker

The Elkhart, Ind.-based component manufacturer finalized its purchase of Williamsburg Marine and Williamsburg Furniture.