U.S. Economy Adds 165,00 Jobs in April

jobAccording to the U.S. Department of Labor, 165,000 jobs were added to the economy in April, beating the consensus forecast of 140,000 after a revised 138,000 jobs gain for the month of March.

The U.S. unemployment level for April dropped to 7.5 percent, the lowest level since 2008.

The number of Americans seeking unemployment fell last week to seasonally adjusted 324,000, the lowest level since January 2008.

On Wednesday, ADP announced that U.S. companies added just 119,000 jobs in April.

Many economists feared that cross-the-board government spending cuts through the sequester which began on March 1st combined with higher taxes could be causing businesses to become more cautious about hiring.

U.S. GDP figures for the 1st quarter in 2013 show the U.S economy grew 2.5 percent compared with 0.4 percent in the fourth quarter of 2012.

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