Unemployment rate at 7.5%, lowest in 4 years; biggest gains in service sector

The Labor Department announced today that the unemployment rate has fallen to its lowest level in four years. Today’s numbers show 165,000 jobs were created

The biggest gains were in the service sector.

The biggest gains were in the service sector. (5/3/13)

WASHINGTON - The Labor Department announced today that the unemployment rate has fallen to its lowest level in four years.

Today’s numbers show 165,000 jobs were created since April. The biggest gains were in the service sector. Restaurants and bars added 38,000 jobs, temp service jobs are up by 31,000 and 29,000 retail jobs were created.

Long Island economist Dr. Marty Cantor says the numbers indicate an improving economy, but adds that the economy is not creating high spinoff jobs like manufacturing that in turn spur further job growth. Cantor says the jobs being created provide lower salaries.

“People are working, but they are working at lower paying jobs than they did before,” adds Cantor.

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