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Payrolls rebounded in April following an even bigger setback a month earlier than previously estimated, a sign companies are confident the U.S. economy will reboot after stagnating early this year. The unemployment rate dropped to 5.4 percent.
The 223,000 net increase in employment followed an 85,000 gain in March that was the smallest since June 2012, figures from the Labor Department showed Friday in Washington. The jobless rate fell to the lowest since May 2008 as more Americans entered the labor force and found work. Average hourly earnings climbed less than forecast.
Construction and health care were among the industries that accelerated the pace of hiring last month as the economy emerged from temporary setbacks that included bad weather and a labor dispute at West Coast ports. Such job growth and steadily rising wages may keep the Federal Reserve on track to raise its benchmark interest rate later this year.
“It is a respectable bounce -- anything 200,000 or higher is going to lead to further diminishment of slack in the labor market,” Kathy Bostjancic, a U.S. financial economist at Oxford Economics USA Inc. in New York, said before the report. The breakneck pace of hiring at the end of 2014 was “unhealthy and unsustainable, and going forward we expect more moderate gains, but still strong.”
The median forecast in a Bloomberg survey of 96 economists called for a 228,000 advance, with estimates ranging from gains of 175,000 to 327,000. March was revised from a previously reported 126,000 advance. Revisions to prior reports subtracted a total of 39,000 jobs to overall payrolls in the previous two months.
[h=2]To calculate the data, the Labor Department surveys businesses for the pay period that includes the 12th of the month. The span between the agency’s April and March employment surveys was five weeks, rather than the typical four.
Participation Rate[/h]The participation rate, which indicates the share of working-age people who are employed or looking for work, increased to 62.8 percent from 62.7 percent in March, which matched the lowest since 1978.
Wage growth remains limited, with average hourly earnings rising 0.1 percent in April after a revised 0.2 percent gain that was weaker than initially reported. Compared with a year earlier, hourly pay was up 2.2 percent last month, less than the Bloomberg median estimate of 2.3 percent.
The average work week for all employees held at 34.5 hours.
[h=2]Construction Employment[/h]Employment in health services increased 55,600 in April after a 30,600 gain the month before. Construction companies took on 45,000 workers in April, the most since January 2014.
The slowdown tied to cheaper oil prices persisted in April. The mining industry, which includes oil extraction and services, lost 15,000 jobs last month, the most since May 2009.
Fed Chair Janet Yellen and her colleagues will use the data to help them parse the strength of the economy as they consider raising interest rates for the first time since 2006. Officials, who dropped a promise in March to be patient on raising rates, say they can act at any policy meeting, beginning with their gathering on June 16-17. Most expect them to move later this year.
There seems to be a pattern forming here. But of course, the naysayers are going to deride this good news as well.
U.S. Unemployment Falls to Lowest Level Since May 2008 - Bloomberg Business
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Can someone in the right please concede that Obama is, and has been, GOOD for the economy?
Yay! We agree.
There seems to be a pattern forming here. But of course, the naysayers are going to deride this good news as well.
Can someone in the right please concede that Obama is, and has been, GOOD for the economy?
Who in this country would think that unemployment dropping is bad news?
Who in this country would think that unemployment dropping is bad news?
People with a disease called Obama-hate-itis.
Who in this country would think that unemployment dropping is bad news?
There seems to be a pattern forming here. But of course, the naysayers are going to deride this good news as well.
U.S. Unemployment Falls to Lowest Level Since May 2008 - Bloomberg Business
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Can someone in the right please concede that Obama is, and has been, GOOD for the economy?
http://www.zerohedge.com/news/2015-05-08/americans-not-labor-force-rise-record-93194000Americans Not In The Labor Force Rise To Record 93,194,000
http://www.zerohedge.com/news/2015-05-08/americans-not-labor-force-rise-record-93194000
Good for all but 94 million Americans it seems.
Whttp://www.zerohedge.com/news/2015-05-08/americans-not-labor-force-rise-record-93194000
Good for all but 94 million Americans it seems.
The U-3 (the official 'unemployment rate') means almost nothing, imo.
You do realize that the U-3 could theoretically be almost zero even though NO ONE is employed?
There seems to be a pattern forming here. But of course, the naysayers are going to deride this good news as well.
U.S. Unemployment Falls to Lowest Level Since May 2008 - Bloomberg Business
[/FONT][/COLOR]
Can someone in the right please concede that Obama is, and has been, GOOD for the economy?
Why do you just make up **** like that? It is not mathematically possible. But go ahead.... make up some numbers and show us your equation. If no one was employed, the UE rate would be 100% Good Lord!, you don't even know how percentages work!!!
Yes, I know, you'll do the math, realize you're wrong, but won't be able to admit it and just insult me.
and the typical liberal card.People with a disease called Obama-hate-itis.
People with a disease called Obama-hate-itis.
I think this is very good news. But what specific Obama policy brought unemployment down? How is this attributable to him?
I think this is very good news.
Why do you just make up **** like that? It is not mathematically possible. But go ahead.... make up some numbers and show us your equation. If no one was employed, the UE rate would be 100% Good Lord!, you don't even know how percentages work!!!
Yes, I know, you'll do the math, realize you're wrong, but won't be able to admit it and just insult me.
Where are you getting that number from? There were 6,580,000 in April who wanted and were available for full time work but worked less during the reference week due to slow business or couldn't find full time job. That's down 125,000 since March.who care about 200k part time employed people. people want full time jobs.
And the number of people marginally attached due to discouragement dropped.In April, 2.1 million persons were marginally attached to the labor
force, little changed over the year. (The data are not seasonally
adjusted.) These individuals were not in the labor force, wanted and
were available for work, and had looked for a job sometime in the prior
12 months. They were not counted as unemployed because they had not
searched for work in the 4 weeks preceding the survey.
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