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Let the good times roll -- 310,000 New Jobs
274,000 new jobs were added last month and the March figure was adjusted upwards by 36,000. So that means 310,000 new jobs in the US were announced today.
Rock on!
Rock on!
US economy generates 274,000 new jobs
By Christopher Swann in Washington
Published: May 6 2005 13:58 | Last updated: May 6 2005 13:58
US economyThe US economy generated 274,000 jobs in April, more than double the increase expected by analysts.
The unemployment rate remained at 5.2 per cent.
The improved employment picture may help to lift sentiment over the US economy which has been battered in recent weeks by a string of weak releases.
Economists have been particularly worried by stagnating wages - which may make it hard for US consumers to sustain high levels of spending growth.
However, if the employment situation continues to improve at the pace set in April, rates of wage increase would be likely to rise.
The labour force participation rate was also up, at 66 per cent in April from 65.8 per cent in March.
The Bureau of Labor Statistics said job growth was widespread, with gains in construction, mining, and several service-providing industries.
This followed gains of 300,000 in February and a revised146,000 in March.
Within the goods-producing sector, construction employment rose by 47,000 in April. Heavy and civil engineering construction also added 8,000 jobs over the month. Since its most recent low in March 2003, construction industry employment has grown by 551,000.
In April, employment in mining increased by 8,000. The industry has added 31,000 jobs over the past 6 months; support activities for oil and gas operations has accounted for most of this increase.
Employment in manufacturing was little changed in April at 14.3.
By Christopher Swann in Washington
Published: May 6 2005 13:58 | Last updated: May 6 2005 13:58
US economyThe US economy generated 274,000 jobs in April, more than double the increase expected by analysts.
The unemployment rate remained at 5.2 per cent.
The improved employment picture may help to lift sentiment over the US economy which has been battered in recent weeks by a string of weak releases.
Economists have been particularly worried by stagnating wages - which may make it hard for US consumers to sustain high levels of spending growth.
However, if the employment situation continues to improve at the pace set in April, rates of wage increase would be likely to rise.
The labour force participation rate was also up, at 66 per cent in April from 65.8 per cent in March.
The Bureau of Labor Statistics said job growth was widespread, with gains in construction, mining, and several service-providing industries.
This followed gains of 300,000 in February and a revised146,000 in March.
Within the goods-producing sector, construction employment rose by 47,000 in April. Heavy and civil engineering construction also added 8,000 jobs over the month. Since its most recent low in March 2003, construction industry employment has grown by 551,000.
In April, employment in mining increased by 8,000. The industry has added 31,000 jobs over the past 6 months; support activities for oil and gas operations has accounted for most of this increase.
Employment in manufacturing was little changed in April at 14.3.
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