US Economy Adds 165,000 Jobs in April
Strong Jobs Growth in April as well as upward revisions of February and March data sends markets surging to new heights.
The US Department of Labor announced today that the US Economy added 165,000 jobs in April, 25,000 more than economists had expected. But the big news came on the announcement of that the department had revised the previous two months upward by 114,000. This common practice of revision allows the department more time to evaluate job growth over the previous month. Their report turned an already strong February into an jobs-jackpot of sorts, totaling an astounding 332,000 jobs.
The largest jobs growth came from the Food Services sector, adding 38,000 jobs. The second largest came from temporary staffing services, like those supplied by our company Randstad USA, adding an additional 31,000 job in April. This culminates to an annual expansion of temporary services to 184,000 jobs or 7.4% of the total market. Thirdly, the growth in jobs market was supported by a strong showing from the retail sector, adding 29,000 jobs.
The April Jobs Report sent US Markets surging Friday with the Dow topping a record 15,000 and the S&P topping a record 1,600. These gains were held through Monday the 6th. This report goes a long way in easing fears of a double-dip recession as it was also met with strong earnings news and sustained growth in the housing market. Though the unemployment percentage remains 3% higher than the historical average, April lead to a drop of a tenth-of-a-percent i unemployment and marked a continually decline in jobless figures.
See Randstad's full Jobs Report on Workforce360.