Another first Friday, another month of labor market data. The March report was disconcerting, but April brings positive news. Unemployment fell one point to 7.5%, but the labor force participation rate held steady at 63.3%. This means more people found work. Many previous dips in unemployment were driven by so-called “discouraged workers” ending their job searches and leaving the labor force. It should be noted that some cycling would not be reflected in the figures — individuals entering and leaving the workforce may cancel each other out. But overall, the labor market moved in the right direction last month. The sustainability of this progress remains to be seen.