Jobs Report Surprises to the Upside: 244K Nonfarm Jobs Added in April, Unemployment Rate 9%
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Data from the US Department of Labor's Bureau of Labor Statistics Friday showed much better-than-expected payroll figures for the month of April but a move higher in the unemployment rate.
The US economy added a total of 244,000 nonfarm jobs last month, above the 185,000 economists had been expecting. The change in nonfarm payrolls for March was revised slightly higher from 216,000 to 221,000.
The private sector added 268,000 jobs in April, up from a revised reading of 231,000 for March. The Street had been looking for private sector payrolls to rise by 200,000 jobs.
Manufacturing payrolls, making up the smallest percent of the jobs market, added 29,000 jobs for the month, better than the 20,000 economists had been expecting and up from a gain of 22,000 in March.
The gain in the nonfarm sector marked the strongest month of increases since May of 2010.
The US rate of unemployment jumped from 8.8 percent in March to 9.0 percent last month.
Rising gasoline prices have been starting to weigh on US consumers over the last month or two, however Friday's jobs report slightly eases concerns that increased energy prices are dampening the economic recovery.
Traders are noting several developments which may have positively impacted the jobs data this morning: massive hiring at McDonald's (NYSE: MCD) recently (the company hired 62,000 people on one day) and adjustments made for new business openings and closings, the infamous and always-controversial "birth"/"death" model.
The US economy added a total of 244,000 nonfarm jobs last month, above the 185,000 economists had been expecting. The change in nonfarm payrolls for March was revised slightly higher from 216,000 to 221,000.
The private sector added 268,000 jobs in April, up from a revised reading of 231,000 for March. The Street had been looking for private sector payrolls to rise by 200,000 jobs.
Manufacturing payrolls, making up the smallest percent of the jobs market, added 29,000 jobs for the month, better than the 20,000 economists had been expecting and up from a gain of 22,000 in March.
The gain in the nonfarm sector marked the strongest month of increases since May of 2010.
The US rate of unemployment jumped from 8.8 percent in March to 9.0 percent last month.
Rising gasoline prices have been starting to weigh on US consumers over the last month or two, however Friday's jobs report slightly eases concerns that increased energy prices are dampening the economic recovery.
Traders are noting several developments which may have positively impacted the jobs data this morning: massive hiring at McDonald's (NYSE: MCD) recently (the company hired 62,000 people on one day) and adjustments made for new business openings and closings, the infamous and always-controversial "birth"/"death" model.
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