That’s the jobless rate reported today.
Morning Bell calls it “a recovery only Washington could love.”
The news was mostly good in most sectors. Manufacturing was up 44K, mining added 7,000 jobs, construction continued its rebound with a +14K, and leisure and hospitality added 45,000 jobs. That’s a good showing and an indication that the job market has finally stabilized.
It’s not all good news. There are two million more people not in the labor force now than a year ago, with about the same number of people desiring a job (5.865 million to 5.868 million in April ‘09). Those marginally attached to the labor force are significantly higher now (2.432 million) than a year ago (2.089 million). Both numbers, though, are improvements over March 2010 and before.
On the decline, the Obama administration was able to claim lower numbers by using the unemployment rate and avoiding the issue of discouraged workers.