The unemployment rate declined from 8.2% in March to 8.1% in April, but this was mainly caused by a decline in the civilian labor force of 342,000 workers. Otherwise, unemployment may have increased.
GDP growth slowed to 2.2% in the first quarter of 2012, based on preliminary estimates. The slowdown has implications for small businesses who supply goods to corporations and are government contractors.
The burden of unemployment falls heaviest upon blacks and unfortunately, economic growth in important but is not sufficient. Even when US GDP grew at 6.7%, the unemployment rate for blacks averaged 10.6%.
Another month or two is required in order to determine whether the lower than expected number of jobs created in March was caused by high oil prices, a statistical aberration or a slowing economy.
