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U.S. Added 290,000 Jobs in April
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| Contributor | RP |
| Last Edited | RP May 07, 2010 11:35am |
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| Category | Report |
| Author | LUCA DI LEO and JEFF BATER |
| Media | Newspaper - Wall Street Journal |
| News Date | Friday, May 7, 2010 05:00:00 PM UTC0:0 |
| Description | The U.S. economy in April added jobs at the fastest pace in four years, but the unemployment rate unexpectedly rose.
The Labor Department said nonfarm payrolls rose by a higher than expected 290,000 jobs last month -- the largest gain since March 2006. That followed an upwardly revised 230,000 increase in March.
Economists polled by Dow Jones Newswires were expecting payrolls to rise by 180,000. The March figure was originally reported as a 162,000 increase.
However, as a reminder of the labor market's continued weakness, the unemployment rate increased to 9.9% last month. Economists were expecting it to remain at March's 9.7% level.
Economists expect the unemployment rate to fall very slowly as discouraged job seekers who had stopped looking for work return to the labor force and are counted as unemployed. The size of the labor force rose by 805,000 in April, the Labor Department said. |
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