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U.S. Unemployment Falls to 7.5%
WASHINGTON, D.C. (CBS 2/FOX 28) -- The Labor Department Friday reported a slight drop in the national unemployment rate. New numbers show 7.5% of American workers were unemployed in April, a drop of 0.1% from the month before.
The report found 165,000 new jobs were created last month. Economist say that's barely enough to keep up with the population. But the unemployment rate continues to fall in part because of people dropping out of the workforce and baby boomers reaching retirement age.
In 2010, the Pew Research Center estimated that 10,000 baby boomers would reach retirement age every day through 2030.
About 13% of Americans are currently age 65 or older. By 2030, that is expected to jump to 18%.
The report found 835,000 workers who had given up looking for work, down 133,000 from a year ago.
Professional and business services reported the strongest gains, adding 73,000 jobs in April.
To read the full report from the Department of Labor, click here.