The unemployment rate may have risen in April, but Friday's monthly job report was strong, offering an encouraging sign that the U.S. economic recovery possesses real momentum.
On Friday the U.S. Labor Department said nonfarm payrolls added 290,000 jobs in April, well ahead of Wall Street's 180,000 forecast. The unemployment rate on the other hand rose to 9.9%; it was expected to hold steady at 9.7%. The government also revised the amount of jobs added in March to 230,000, from 162,000.
The big story is the jump in payrolls." Speiss points out the manufacturing sector added the most workers since August 1998, while employment in the services sector saw its best gain since November 2006.
http://www.forbes.com/2010/05/07/unemployment-labor-jobs-markets-economy-consumer.html?boxes=marketschannelbrieflink2Overall, the economy expanded by 3.2% in the first quarter, the Commerce Department said last week, the third straight period of growth.
It looks like the economy is continuing to slowly improve. I'm not an expert, but it looks like a lot of people must be entering the job market again. Otherwise, I'm not sure why the unemploymen rate would go up.
It's nice to have a little good news every once in a while.