0 it reduces stress and improves the immune system. agreed. good chuckles, good medicine. i'm fredricka whitfield. thanks for joining us. i'll see you back here 4:00 eastern time when we'll have a close-up look at prince harry who is paying a special visit to the u.s. this week. right now time for "your money." a recovery? yes. is it enough for the millions of americans still reeling from the recession? i'm christine romance, welcome to "your money." 165,000 jobs added in april. 173,000 jobs a month on average over the last year. that's enough to bring the unemployment rate down to 7.5% in april. that's the lowest it's been since december 2008. most months we see the unemployment rate fall because people are falling out of the labor force. that's not the case in april for the first time in a long time. the unemployment rate fell because people went back to work. >> monthly revisions reveal more than 150,000 more jobs were added in the beginning of the year since we thought. the unemployment rate was 4.5% before this recession. we still have a lot of work to do. one big problem, many of the jobs coming back are low-wage jobs. largest gains in april were service jobs, retail trade, health care, leisure and hospitality. every job in america is important, but some of these jobs aren't the kinds of jobs you can send your kids to college on. the quality of the jobs we lost higher than the quality of jobs coming back. the real unemployment rate is 13.9%. that real unemployment rate, that represents the total unemployed but part-time workers that want to be working full time but can't find a full time position. the labor force participation rate, the lowest since 1979. mohammed al-arian is ceo of pimco. austin goldspeed, currently an economics professor at the university of chicago booth school. i know you expressed concern about the forced budget cuts, how they could hold back job creation. does friday's job report give you any sense of optimism about whether we can sustain jobs growth into the summer? >> only a little. you never want to make too much of any one month but it was a solid month. my fear that is over the summer it's not a real magic secret here. if the growth rate of the economy is going to be only a little above 2%, the unemployment rate is not going to come down very fast. we are just not going to generate this type of job growth or faster than this on a sustained basis and that's what we need to do. >> are we stuck here with a jobless rate that ticking down sometimes but not falling? >> so we've taken a big step towards a better outcome. i'm encouraged by friday's jobs report. we created jobs, unemployment is coming down for the right reasons. this is an important step. it's not the whole thing. we still have the head winds coming from washington. we still have slow growth, but it tells me that the underlying economy continues to heal and that's good news. i wish it were healing quicker, but it's definitely healing. >> i see a lot of retail jobs here, leisure and hospitality. i think it's great consumers feel confident enough to go to the mall or the strip mall. note many of those jobs will pay enough and put a kid through college. what is the quality of jobs? >> when you start coming back, you'll have a mix of the skilled distribution will be mixed. the unemployment rate for college graduates is quite low, 3.9%, i think, in this last report. if there was going to be improvement in parts of the job market, you would want it to be in places that have been hardest hit and have the high unemployment rates now. that said, overall earnings did not improved very much over the last three months. we do hope to get improvement on that as well as creating more jobs. i do think it's fair to keep an eye on that. >> i look at professional business services, a category in the labor market report, 73,000 jobs created there. when you talk about computer systems, engineering, you talk about software engineering, anything even software sales and some of the high tech kinds of jobs, there are talent wars going on in some parts of the economy then there's also desperation going on among people out of work six months or longer. we are not seeing improvement for those long-termed unemployed very much. >> it came down to 4.3 million, but we have a long way to go. if you look at college graduate, their unemployment rate is below 4%. those who left school, their unemployment is above 11%. we've got an inequality element that speaks to structural issues we have to work on, better education, better labor retooling, better training. these are going to be key to sustain employment growth and bring unemployment down to a more acceptable level. >> you keep talking about unemployment rates for college graduates. a recent college graduate isn't counted until they get into the labor market. it's commencement season. we have these kids coming out of college saying 3.9% unemployment rate, but it is going to be tough at the beginning for them to get that first foot in the door. there are some degree categories where kids are having double-digit unemolympian. >> i think that is a fair statement. it doesn't take an advanced degree to figure out that people that have more skills and more education are doing better and surviving better in this comeback than are people who do not. that screams out of the data. it's commencement season. i think in some fields as you identify there, there is tremendous pent-up demand. in majors not oriented around the sectors that are growing, there will be a little bit of time likely before they get jobs. >> both stick with me. i want to talk about the broader economy. coming up, the fed says it's going to keep pumping billions into the economy every month until unemployment hits 6.5%. we are now one percentage point away. could the ending of the fed stimulus cause economic disaster though? 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