Economic Buzz: US Unemployment Rate Drops

A report released by the Labor Department on Friday showed weaker than expected job growth in the month of April, although the unemployment rate still fell to its lowest level in over seventeen years. The US Labor Department said non-farm payroll employment climbed by 164,000 jobs in April. The job growth in April partly reflected increases in employment in the professional and business services, manufacturing, healthcare, and mining sectors. Meanwhile, the report said the unemployment rate fell to 3.9 percent in April after holding at 4.1 percent for six straight months. The unemployment rate had been expected to edge down to 4.0 percent.