Leadership Conference on Civil Rights

U.S. unemployment fell to 5 percent in April from 5.1 percent in March, and employers cut just 20,000 jobs in the month, compared with 81,000 in March.

"While a decrease in payrolls is never good news, against the backdrop of a collapsing housing market, skyrocketing energy prices and a shaky financial system, [the] report showed some welcome resilience of the broader economy," JPMorgan economists write.

But while the news Friday cheered investors, history suggests the job rebound might not hold.