There’s good news and there’s bad news on the Unemployment front. First the Bad News the Unemployment rate in April climbed to 9.9%. There is good news 290,000 hired.
The economy got what it needed in April: A burst of hiring that added a net 290,000 jobs, the biggest monthly total in four years. It showed employers are gaining confidence as the recovery takes deeper root.
But people who had given up on finding jobs are gaining confidence, too, and are now looking for work. That’s why the unemployment rate rose from 9.7 percent to 9.9 percent and will likely go higher.
Especially encouraging was that the job gains came largely from private employers, the backbone of the economy. They boosted payrolls by a surprisingly strong 231,000, the most since March 2006.
The jobs are found throughout the US economy:
“Companies feel more comfortable that growth in the economy and in their own sales is here to stay and that they can start preparing for the future and add to their payrolls,” said Joel Naroff, president of Naroff Economic Advisors.
The bad news over 800,000 people returned to looking for work:
The unemployment rate rose as 805,000 people without jobs entered the labor force in April to search for work.
“Individuals are gaining confidence in their ability to find a job and are now throwing their hats into the ring,” said John Challenger, CEO of outplacement firm, Challenger, Gray & Christmas.
Meet Job Seeker Kelley Bryan
Kelley Bryan had dropped out of the market last year to attend culinary school after 20 years as a secretary. But she started looking for work again in March.
“I was starting to get to the point where I felt like I needed to get a job,” she said. “I was living off unemployment and just feeling guilty.”
Not for long. She soon was hired as a restaurant manager in suburban St. Louis. Demand has picked up enough that she’s looking to switch jobs again and is interviewing at hotels.
“It’s a competitive field, but there are plenty of jobs,” she said.
President Barack Obama is buoy over the news:
President Barack Obama called April’s job growth “very encouraging news” but said much remains to be done to put more Americans to work.
Unemployment numbers revised up wards:
Also heartening: Employment in February and March turned out to be stronger than previously thought. Payrolls grew by 230,000 in March, better than the 162,000 first reported. And 39,000 jobs were actually added in February, compared with the previous estimate of a loss of 14,000.
Republicans say this is not enough:
IT’S UNACCEPTABLE FOR WHITE HOUSE TO ALLOW HIGH JOBLESS RATE TO BE ‘NEW NORMAL’
AP via Yahoo Finance has the rest of the Story.