Image Source: Flickr

Image Source: Flickr

The US unemployment rate in April fell to 7.8 percent, down from 8 percent in March, which was then the lowest point in nearly two years. Unemployment rates fell last month in more than three-quarters of the nation’s states, adding to evidence that companies are feeling more confident in the U.S. economy.

The executive office’s groundwork job approximation indicates that the state’s economy added 19,500 jobs last month. The private sector added 20,500 jobs while government lost 1,000 jobs. According to the Labor Department, unemployment rates dropped in 39 states in April. It’s the largest number of states to see decrease since November 2003. Rates rose in three states and the District of Columbia. They were unchanged in eight states.

The state’s employers added 34,000 jobs in the year ending in March, and the job creation is probable to continue at about the same pace for the next five years, largely due to the strength of the state’s technology and health science sectors .Employers added workers in 42 states, the best showing since March 2007 — nine months before the recession started. Only eight states and the District of Columbia lost jobs last month.

According to statistics, businesses have added more than 250,000 jobs per month, on average, in the past three months. It’s the fastest hiring fling in five years. The unemployment rate has dropped nearly a full percentage point since November. Still, it remains very high at 9 percent. New York added 45,700 jobs in April, the most of any state. It was followed by Texas, which added 32,900 jobs, and Pennsylvania, which gained 23,700 jobs.

Michigan lost 10,200 jobs, the largest decline of any state. Minnesota lost 5,200 jobs and South Carolina shed 3,800 jobs. North Dakota had the lowest unemployment rate of any state at 3.3 percent. It has benefited from oil production, which is among the state’s top industries.

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