Only 115,000 jobs added in April, unemployment remains above 8%

Slight drop in unemployment

New job statistics have shown a slight drop in unemployment rates however many argue that the number of jobs added in April by businesses is well short of expectations. Only 115,000 jobs were added last month which resulted in the unemployment rate dropping from 8.2% to 8.1%.  In a speech on Thursday president of the Federal Reserve Bank of San Francisco, John Williams, said that the outlook is continuing with moderate growth, however he added that “Nonetheless, we have nearly 4½ million fewer jobs today than five years ago, and the unemployment rate remains very high at 8.2%.”

Politics of economy

With this year being an election one, the economy is all set to make a huge impact on the results of the US general elections. The Republicans have taken no time to criticise the Obama administration for what they say is a weak job report.  House Republican Speaker John Boehner has said that the job report has provided “more evidence President Obama’s policies aren’t working for families and small businesses, and aren’t creating enough jobs to get our economy back on track.” However the White House unsurprisingly has shed more positive light on the report. “One month does not a trend make,” White House economic adviser Alan Krueger told CNBC in an interview. “I think it makes sense to average the last few months together and the economy continues to go in a positive direction.”

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