Jobless Rate Hits Its Highest Level Since '94 - TheStreet

Updated from 8:34 a.m. EDT

The unemployment rate in April reached its highest level in almost eight years, and fewer workers were added to nonfarm payrolls than economists were expecting, according to data from the Labor Department.

The monthly

jobs report showed that the unemployment rate rose to 6% in April, while 43,000 workers joined payrolls. The jobless rate reached the highest level since August 1994.

On average, economists were expecting the April jobs report to show that the unemployment rate climbed to 5.8% from 5.7% in March. Consensus estimates put the increase in payrolls for April at 60,000.

Average hourly earnings rose 0.1% in April to $14.69 from $14.67 the previous month. The average length of the workweek slipped to 34.1 hours last month from 34.2 hours in March.

Data from March originally showed that payrolls increased by 58,000 that month, but the number has now been revised to a loss of 21,000.