With employment in the U.S. increasing roughly in line with economist estimates in the month of April, the Labor Department released a report on Friday showing that the unemployment rate fell to its lowest level in almost seven years.
The report said non-farm payroll employment increased by 223,000 jobs in April compared to economist estimates for an increase of about 220,000 jobs.
However, the Labor Department also said the increase in employment in March was downwardly revised to 85,000 jobs from the previously reported 126,000 jobs.
The unemployment still edged down to 5.4 percent in April from 5.5 percent in March, matching economist estimates. The drop pulled the unemployment rate down to its lowest level since May of 2008.
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