The April jobless rate according to the Bureau for Labor Statistics fell to 7.5 percent as the economy added 165,000 jobs. The 7.5 percent unemployment rate is the lowest in five years.
The April jobs number exceeded analysts expectations of 148,000 while the last two months job creation numbers were revised upward. More than 800,000 private sector jobs have been added to the economy over the last four months.
At the beginning of the year the unemployment rate started at 7.9 percent and drifted downward to 7.6 percent in March. Another positive economic indicator is the number of long-term unemployed workers decreased by 258,000 to 4.4 million people.
The highest unemployment rate amongst minorities for April is African-Americans at 13.2 percent, followed by 9 percent for Latinos, with the lowest unemployment rate amongst minorities for Asians, that stands at 5.1 percent.
Latinos unemployment rates started at 9.7 percent in the beginning of the year and tumbled down to 9.2 percent in March.
The stock market positively reacted to the news, with the Dow Jones lifting for the first time over the 15,000 mark.