Gee, what a surprise. Where are all the whining morons who pretended to understand economics by repeating talking points from moveon.org a few months ago? They can go shove their "jobless recovery" crap back up their asses from where their opinions came.
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The job market showed new signs of vigor in April, the Labor Department reported this morning, offering reason to believe that the long hiring slump of the last three years has ended once and for all.
The economy added 288,000 jobs last month, the second healthy gain in a row, and the unemployment rate fell to 5.6 percent, from 5.7 percent. Employment is now rising at nearly the same pace as it was during the economic expansions of the 1980's and 1990's.
This is "another strong report any way you cut it," Ethan Harris, chief United States economist at Lehman Brothers, wrote in a note to clients. "Payrolls surged and people re-entered the labor force."
The interest rate on the 10-year Treasury note rose to its highest level after the jobs report's release, and the dollar rose against the Euro. With investors now expecting the Federal Reserve to raise its benchmark short-term rate when it next meets, at the end of June, stocks fell this morning.
The "chance of a June hike has taken a big step up," Ian C. Shepherdson, the chief domestic economist at High Frequency Economics in Valhalla, N.Y., wrote in a note to clients.
The gains represent good news for President Bush, who is coping with the embarrassment and anger generated by the abuse of Iraqi prisoners by American soldiers and the criticism of his Defense Secretary, Donald H. Rumsfeld. Mr. Bush is likely to seize on the upturn in jobs today as he conducts a bus tour of the three Mississippi River towns in two states, Iowa and Wisconsin.
The new hiring extended to nearly every major industry in the economy, even manufacturing, which added 21,000 jobs, its third monthly gain in a row after 42 straight months of shedding jobs. Makers of machinery and semiconductors showed notable gains in April.
Hotels, restaurants, trucking companies, movie studios, building-supply stores, insurance firms, and doctor's offices also added workers at a solid rate, according to the Labor Department's numbers, which are adjusted to take typical seasonal changes into account. Federal-government employment remained flat, while state and local agencies added a modest number of workers.
The breadth of gains caused Goldman Sachs economists to call the data "even stronger than March's," although March's increase — revised upward today to 337,000, from 308,000 — was larger than April's. The Labor Department also said that February's gain was 83,000, up from its earlier estimate of 46,000.
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Copied from www.nytimes.com
The job market showed new signs of vigor in April, the Labor Department reported this morning, offering reason to believe that the long hiring slump of the last three years has ended once and for all.
The economy added 288,000 jobs last month, the second healthy gain in a row, and the unemployment rate fell to 5.6 percent, from 5.7 percent. Employment is now rising at nearly the same pace as it was during the economic expansions of the 1980's and 1990's.
This is "another strong report any way you cut it," Ethan Harris, chief United States economist at Lehman Brothers, wrote in a note to clients. "Payrolls surged and people re-entered the labor force."
The interest rate on the 10-year Treasury note rose to its highest level after the jobs report's release, and the dollar rose against the Euro. With investors now expecting the Federal Reserve to raise its benchmark short-term rate when it next meets, at the end of June, stocks fell this morning.
The "chance of a June hike has taken a big step up," Ian C. Shepherdson, the chief domestic economist at High Frequency Economics in Valhalla, N.Y., wrote in a note to clients.
The gains represent good news for President Bush, who is coping with the embarrassment and anger generated by the abuse of Iraqi prisoners by American soldiers and the criticism of his Defense Secretary, Donald H. Rumsfeld. Mr. Bush is likely to seize on the upturn in jobs today as he conducts a bus tour of the three Mississippi River towns in two states, Iowa and Wisconsin.
The new hiring extended to nearly every major industry in the economy, even manufacturing, which added 21,000 jobs, its third monthly gain in a row after 42 straight months of shedding jobs. Makers of machinery and semiconductors showed notable gains in April.
Hotels, restaurants, trucking companies, movie studios, building-supply stores, insurance firms, and doctor's offices also added workers at a solid rate, according to the Labor Department's numbers, which are adjusted to take typical seasonal changes into account. Federal-government employment remained flat, while state and local agencies added a modest number of workers.
The breadth of gains caused Goldman Sachs economists to call the data "even stronger than March's," although March's increase — revised upward today to 337,000, from 308,000 — was larger than April's. The Labor Department also said that February's gain was 83,000, up from its earlier estimate of 46,000.
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