NFIB

Unemployment Rate Climbs to Eight-year High
05/03/2002

The nation's unemployment rate rose to 6 percent in April, reaching its highest level in nearly eight years, the Wall Street Journal reports.

The Labor Department also reported that companies expanded their payrolls for the first time in nine months, an indication of the economic rebound.

Economists were not worried about the report showing greater jobless numbers, as increases in unemployment rates are not abnormal during times of economic recovery.

White House Press Secretary Ari Fleischer said "while today's jump was higher than private forecasters expected, it is not out of the usual as a part of a recovery."

The Bush administration expects unemployment to level off in coming months as employers begin stepping up business investments, which in turn creates more jobs.