Friday, May, 7th, 2010 - U.S. nonfarm payrolls grew at the fastest pace in four years in April as private sector employers ramped up hiring, raising the strong possibility the labor market recovery may be picking up steam.
Major Key Points:
• Employers added 290,000 jobs in April, the Labor Department said. It revised figures for February and March to show 121,000 more jobs were added than previously thought.
• The unemployment rate rose to 9.9 percent as the size of the labor force increased.
• Analysts polled by Reuters had expected nonfarm payrolls to rise 200,000 last month and the jobless rate to remain unchanged at 9.7 percent. The median forecast from the 20 most accurate forecasters was for a payrolls increase of 188,000. • Private sector employment increased 231,000, also the largest gain since March 2006, after rising 174,000 in March. Private payrolls have now grown for four months. Census hiring contributed 66,000 jobs.
• Job gains occurred in manufacturing, professional and business services, health care, and leisure and hospitality.
• Federal government employment also rose, reflecting continued hiring of temporary workers for Census 2010.
• The department also revised February's data to reflect a gain of 39,000 jobs, versus the previously reported gain of 14,000. Job gains in March were also revised up to 230,000 from 162,000.
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