- In a major boost to the US govt, the economy added more than 2 lakh jobs in April beating major forecasts.
- The U.S. Bureau of Labour Statistics announced that this is accompanied by a rise in the non-farm payroll numbers and a drop in the unemployment rate in professional and business services, retail trade, food services and drinking places, and construction.
- The numbers in labour force participation, however, declined to 62.8% and hit a 35-yr low which is because of lesser people entering into the force than many people dropping out of it.
- This is in sync with global trends and more can be done to support recovery by means such as additional investments in infrastructure, education and research, an increase in the minimum wage and reinstatement of extended unemployment insurance benefits.
- Republican blockades on Capitol Hill have resulted in the loss of 80,000 jobs already with another 160,000 on the horizon as it prevents certain benefits from extending into 2014.
- Read at: http://www.thehindu.com/todays-paper/tp-business/us-april-jobs-numbers-beat-expectations/article5971754.ece
Exams Perspective:
- GDP
- Slowdown in Western Nations
- Revival of US Economy