U.S. Adds 223,000 Jobs in April; Jobless Rate Falls to 5.4%

The unemployment rate, drawn from a separate survey of households, fell a 10th of a point in April to 5.4%, the lowest level in almost seven years and closer to the Federal Reserve’s expectation of “full” employment, which it pegs between 5% and 5.2%. The decline in joblessness reflected positive developments: The labor force grew as more Americans entered the job market and found work.