Posted by: youngragingbull | May 3, 2013

U.S. Job Report

The U.S. economy added 165,000 jobs in April, which helped push the unemployment rate down to 7.5% from 7.6% – the lowest jobless rate since December 2008 – the Labor Department said Friday.

The increase in hiring last month beat economists’ forecasts who had expected only a 135,000 jobs, with unemployment raining at 7.6%.

Meanwhile, the number of new jobs created in March was revised up to 138,000 from 88,000, the Labor Department said, while February’s figure was revised up to 332,000 from 268,000. The number of jobs created in February was the highest since November 2005 for any month that did not include temporary Census bureau hiring.

In April, professional services added 73,000 workers; bars and restaurants hired 38,000 people; and the retail business generated 29,000 jobs. Manufacturing employment was unchanged and construction shed 6,000 jobs, perhaps due to colder than normal weather in the month.

Average hourly earnings rose 4 cents to $23.87 in April and the average workweek dipped 0.2 hours to 34.4.

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Responses

  1. […] U.S. stocks on Friday rose to record heights, lifting the S&P 500 index to its first close above 1,600, as Wall Street celebrated a strong April jobs report. […]

  2. Do you think a weak April is why the Fed is not reducing its purchases?

  3. There are a lot of other factors at play, but the labor market is certainly one. I suspect, however, that the main reason is because there are no other alternatives – the government is in no shape to provide any real assistance, the states are in poor shape too, and forget about municipalities (some have already gone bankrupt!).


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