Friday, May 7, 2010

U.S, Adds 290,000 Jobs

Despite growing unease in the financial markets, the American economy is gathering steam, adding an unexpectedly large number of jobs last month.

The Labor Department’s monthly snapshot of the job market, released on Friday, showed that employers added 290,000 jobs in April, the largest gain in four years, and that they did so across a broad swath of industries. The United States has now added jobs for four straight months.

The unemployment rate, however, crept up to 9.9 percent from 9.7 percent in March, mostly because of a significant increase in the number of people who had previously given up deciding to look for work again
Yet in a sign that many people will not struggle to find a job even as the economy improves, the number of people who have been out of work for more than six months hit 6.7 million, nearly 46 percent of the unemployed.“The economic recovery and expansion is entrenched, sustained and sustainable,” Allen Sinai, chief global economist at Decision Economics, said.
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