US unemployment rate falls slightly as workforce shrinks
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The US Bureau of Labor Statistics reported Friday that nonfarm payroll employment in the US dropped a tenth of a point lower from March to April as an increasing number of people left the workforce--the unemployment rate stood at 8.1 percent in April, the lowest level in three years. The US netted an increase of 115,000 jobs in April.
Individuals that are considered to be long-term unemployed (those jobless for 27 weeks and over) were little changed at 5.1 million in April; these individuals made up 41.3 percent of the unemployed. The civilian labor force participation rate fell to 63.6 percent last month.
While the overall unemployment rate has declined in recent months, April marked the third consecutive month in which hiring levels slowed.