The economy added 223,000 jobs in April as the unemployment rate fell to 5.4 percent—the lowest since May 2008—and the participation rate ticked up. This report largely reflects the ongoing recovery, but jobs in April were likely also boosted by a temporary bounce-back from winter weather. Notwithstanding the substantial progress our economy has made, it is critical to continue the overall momentum and further strengthen wage growth. That is why the President is pursuing policies including opening new markets for U.S. goods and services through expanded trade, increasing investments in infrastructure, providing relief from the sequester, and raising the minimum wage.
FIVE KEY POINTS ON THE LABOR MARKET IN APRIL 2015
1. The private sector has added 12.3 million jobs over 62 straight months of job growth, extending the longest streak on record. Today we learned that private-sector employment rose by 213,000 in April. Our businesses and the economy as a whole created more than 200,000 jobs in thirteen of the past fourteen months—the first time that has happened since 1995. After taking into account the downward revision for the March jobs number, our economy has added 3.0 million new jobs over the past twelve months, nearly the fastest pace in more than a decade.