Payrolls Surge, Unemployment Dips

[The Finman]

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<h2><font color=#003399>Payrolls Surge, Unemployment Dips</font></h2>
WASHINGTON --- Employers added 288,000 jobs to their payrolls in April as the nation's unemployment rate slipped to 5.6 percent, reinforcing hopes for a sustained turnaround in the jobs market that had lagged for so long.

Payrolls have risen now for eight straight months, with 867,000 new jobs created so far this year, the Labor Department (search) reported Friday.

The strengthening jobs market comes just in time to aid President Bush's re-election efforts, which were in question a few months ago based on his economic record.

"I'm officially declaring the jobless recovery dead," said Ken Mayland, president of ClearView Economics.

"I don't think these two months of big increases are a flash in pan," Mayland said of April's job growth and the revised 337,000 new jobs in March.

In the report, hiring was widespread last month, with the service sector leading the way.

In that category, gains were in employment services, including temporary help firms, services to buildings and dwellings, management and technical consulting services and architectural and engineering services.

Based on Labor Department revisions, the manufacturing sector added jobs for three straight months, including 21,000 in April.

For the year, manufacturing payrolls are up by 27,000 overall.

The U.S. unemployment rate (search) fell 0.1 percentage point to 5.6 percent last month, after reaching a high of 6.3 percent in June 2003 during the economic slowdown.

Revisions to payrolls also showed a stronger jobs market than previously reported.

April's showing surprised analysts, who had expected payrolls of about 180,000 to 200,000.


Full Article <font color="red"><u>Here</u></font>

[Hane]

This is excellent news!! Doesn't seem to be receiving the press it deserves.