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We'll bring -- information on the economy now the unemployment rate falling to seven point 5% in April that according to the Labor Department.
The lowest level in four years our economy added a 165000.
Private sector jobs last month more than most analysts expected.
That news has sent stocks soaring this morning crossing the 151000.
Mark for the first time ever and right now still above 151000.
By a couple of points.
Joining us -- to break down the monthly numbers Douglas -- -- the former director of the Congressional Budget Office and president of the American action forum.
All right -- the White House's are somewhat crowing about these numbers how do you read them.
We'll certainly but the numbers went -- a good news a 165000.
Jobs unemployment rate down to seven and a half percent Saddam.
The revisions up for past months as well last month's job report on the surface looked terrible oh it was revised upward.
And we didn't see the large -- discouraged workers this month that's been characteristic of the past so.
This is actually a report that has some good news but.
I think if you dig inside -- -- there's still some reasons for concern touchdown of the job.
Well the job growth was not particularly widespread we saw declines in the goods producing part of that sector at this is all service growth.
It's concentrated pretty narrowly and in leisure and hospitality and administrative services.
There are a lot of people working part time now and even though we saw the number of jobs go up we didn't see total hours -- because everyone's working the last and that translated into lower average weekly paychecks so.
I worry about the stories we hear about that the new Affordable Care Act causing employers only go to part time workers it may be starting to shop in the data.
And and it's finally get more jobs but you like them to be full time good paying jobs.
I've got a daughter graduates from college in a couple of weeks.
There are and you touched on this -- 38000.
Of these new jobs were in bars and restaurants.
I mean right I'm hoping that my daughter can find something besides work in a bar.
There's bars there's restaurants there's temporary work which is -- usually.
-- sign that the economy's picking up that we relied heavily on that this month.
He'd like to see that translated to broader full time employment and I guess that's what's missing in this report that you'd like to have in order to really declare victory.
The labor force participation rate remains unchanged at 63 point 3%.
It dropped to that number last month and it's my understanding that's as low as that number has been since 1979.
What does that tell -- It's alleged that the good news is we've stopped having bad news what we remain.
-- remain at very low levels of work in the United States and there are many many people who wore quite discouraged by their job prospects and they remain out of work and they've given up looking.
Inside this report there's something called the -- six -- they geeky measure of unemployment that captures not just.
The traditional Lotta work but those who are working part time without a choice those who have gotten discouraged.
That's a number that went up this month knock down.
And that reflects the broader discontent with the overall picture so if this participation rate is at 63%.
That leaves what 37% of the of the country who could be working not working.
If you look at the ratio of the number of people in the United States were working -- the number in the United States.
That's a low number we're not taking advantage of the skills of our population and the -- I have a robust recovery if we want to.
You give to the next generation the standard of living that we inherited in them better.
We have to reverse that that's a real problem.
That is emerging in this recovery because obviously people who are working -- pay in taxes people who aren't working generally are collecting benefits so it's expensive for everybody.
It is expensive for everybody and and it's time when we've got.
Seventeen trillion in national -- and seven -- projected deficits.
Anything for better growth for help -- that all right Douglas Holtz Aiken will continue to watch these numbers and hope they hopefully improve next month Douglas -- -- sound and.
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