May 7, 2010

SPENDING, NOT THE ECONOMY:

U.S. Adds 290,000 Jobs in April; Rate Rises to 9.9% (CHRISTINE HAUSER, 5/08/10, NY Times)

The American economy continued to add jobs in April in a further sign that an economic recovery was on track.

Payrolls surged with an unexpectedly strong 290,000 jobs last month, the Labor Department reported on Friday, while the unemployment rate rose to 9.9 percent. “This is unambiguously a strong report for growth implications,” James O’Sullivan, chief economist at MF Global, said. “It adds to the evidence that the pickup in growth is leading to a clear-cut pickup in employment. It is very clear there has been a bounce here, and momentum has been up.”

With revisions on Friday, April was the fourth consecutive month that the economy added workers (a revised 230,000 jobs were added in March, instead of 162,000). Besides March, February was revised from a loss of 14,000 jobs to a gain of 39,000. With a January gain of 14,000, the cumulative increase came to 573,000 jobs in four months.

Posted by Orrin Judd at May 7, 2010 10:24 AM
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