May 7, 2011
U.S. employment growth accelerated last month as the economy added 244,000 jobs, but the unemployment rate rose to 9 percent, the Labor Department reported on Friday.
The report easily bested analysts’ expectations for a decidedly mediocre jobs report and marked the fastest rate of employment growth since last year when census hiring inflated numbers. Private-sector growth clocked in at 268,000, the highest level since 2006. The public sector continued to lose ground, shedding 24,000 jobs in April.
Hiring in the service sector drove the gains, with sizable jumps in retail trade (up 57,000), professional and business services (up 51,000), leisure and hospitality (up 46,000), and health care (up 37,000). Goods-producing sectors showed less of a bump, and construction job levels didn’t budge, a reflection of how depressed the housing market continues to be.
This article was posted: Saturday, May 7, 2011 at 7:41 am