April Employment 244,000 Found Work Unemployment at Nine Percent

There good news and bad news about the April Unemployment report. 244,000 hired, that’s the good news. The bad news the Unemployment rose to 9.0% due to people looking for work. From Bloomberg:

American employers in April added more jobs than forecast and the labor market in the prior two months was stronger than initially estimated, indicating the world’s largest economy is weathering the impact of higher fuel prices.

Payrolls expanded by 244,000 last month, the biggest gain since May 2010, after a revised 221,000 increase the prior month, the Labor Department said today in Washington. The jobless rate climbed to 9 percent, the first increase since November, a separate survey of households showed. Employment was forecast to grow by 185,000 last month, according to the median estimate of economists surveyed by Bloomberg News.

Stocks jumped after four days of losses and the dollar rallied as the report eased concern that the economic recovery is cooling. The figures bolster Federal Reserve Chairman Ben S. Bernanke’s forecast for a labor market that is “improving gradually.”

“This is good news, and it’s getting better,” James Glassman, senior economist at JPMorgan Chase & Co. in New York, said in a radio interview on “Bloomberg Surveillance” with Tom Keene. “People increasingly are becoming more confident that we are on a recovery track.”

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