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April 01, 2009
April Yields 274,000 More Jobs
The economy is continuing to show signs of improvement, as April payrolls exceeded forecasts, adding nearly 300,000 jobs nationwide. Of course, with that great news came even more good news--previous months were revised upward.
U.S. employers added 274,000 workers in April, more than economists expected, suggesting that higher costs and a first-quarter slowdown haven't shaken companies' confidence in economic growth.The increase follows a revised gain of 146,000 jobs in March, the Labor Department said today in Washington. All told, the economy added 93,000 more jobs in February and March than the government previously reported.
Experts are nonetheless happy with the reports.
"It is a surprisingly strong report, it's across the board, and it's good news for the economy," William Ford, former president of the Atlanta Federal Reserve Bank, now a professor at Middle Tennessee State University, said in an interview. "People are now going to be more concerned about inflation and less about the soft patch."Economists predicted employers would add 174,000 jobs last month, up from the 110,000 the government originally reported for March, according to the median of 80 forecasts in a Bloomberg News survey. Estimates ranged from 130,000 to 325,000. Today's gain was the biggest since 300,000 in February.
While the unemployment rate did not change, retail employment and constructions jobs rose by 24,000 and 47,000, respectively. Incomes also increased last month, putting more money right into the pockets of the comsumers who are doing their part in driving the economy forward.
Workers' average hourly earnings rose 0.3 percent, or 5 cents, to $16. Economists had expected hourly earnings to rise 0.2 percent. Average weekly earnings increased $4.88 to $542.40.
Employers are reporting increased productivity.
Productivity, a measure of how much an employee produces for every hour of work, rose at a 2.6 percent annual rate in this year's first three months, the Labor Department said yesterday. That was higher than the fourth quarter's 2.1 percent pace and the 1.8 percent median forecast.
Posted by Aaron at April 1, 2009 12:00 AM
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-->Comments
MSM Headline: "Unemployment levels unchanged"
Those aren't $30+/hr union jobs for low and non-skilled minority workers in blighted urban areas, so according to the MSM they don't count.
Posted by Graumagus
at May 6, 2005 11:16 AM
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