The U.S. economy added 223,000 jobs in April and the unemployment rate dipped a tenth of a percent to 5.4 percent, the Department of Labor reported this morning.
The unemployment rate is now at a seven-year low, and the solid jobs growth amidst an economic slowdown in the last two quarters signals the economy may be picking up again.
However, not all signs were good. The March jobs number was revised dramatically downward from 126,000 to 85,000, the worst tally in years. And the labor force participation rate remained at about the same historic low level it has been for months, coming in at only 62.8 percent.
Nevertheless, the White House is likely to trumpet the news, which arrives just over a week after the latest GDP report showed that the economy nearly shrank in the first quarter of the year.