US job market posts steady climb
Source: Agencies |
May 4, 2013, Saturday
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Print Edition
Print Edition
US employment rose more than expected last month and hiring was much stronger than previously thought in the prior two months, easing concerns belt-tightening in Washington was dealing a big blow to the economy.
Nonfarm payrolls rose 165,000 last month and the jobless rate fell to a four-year low of 7.5 percent, the US Labor Department said yesterday.
Payrolls rose by 138,000 jobs in March, 50,000 more than previously reported, and job growth for February was revised up by 64,000 to 332,000, the largest gain since May 2010. Economists polled by Reuters had expected April payrolls to rise 145,000 and the unemployment rate to hold steady at 7.6 percent.
The drop in the jobless rate reflected a gain in employment, rather than people leaving the workforce. The workforce actually expanded, while the labor force participation rate - the share of working-age Americans who either have a job or are looking for one - held steady at a 34-year low of 63.3 percent.
Still, some details of the report remained consistent with a slowdown in economic activity. Construction employment fell for the first time since May, while manufacturing payrolls were flat.
The average workweek pulled off a nine-month high, with a gauge of the overall work effort falling, but average hourly earnings rose 4 US cents.
The relative strength of the data was particularly surprising given other recent signs that suggested the economy had slowed sharply in recent weeks. Although the economy expanded at a 2.5 percent annual pace in the first quarter, a wide range of data suggested it ended the period with less speed. Further, factory activity barely grew in April.
Economists feared uncertainty over the full impact of higher taxes and deep government spending cuts on already sluggish demand was making businesses reluctant to hire. A 2 percent payroll tax cut ended at the start of the year, and US$85 billion in federal budget cuts went into effect on March 1.
While the pace of hiring was stronger than expected in April, it remained below the pace needed to put a significant dent in the jobless rate.
Nonfarm payrolls rose 165,000 last month and the jobless rate fell to a four-year low of 7.5 percent, the US Labor Department said yesterday.
Payrolls rose by 138,000 jobs in March, 50,000 more than previously reported, and job growth for February was revised up by 64,000 to 332,000, the largest gain since May 2010. Economists polled by Reuters had expected April payrolls to rise 145,000 and the unemployment rate to hold steady at 7.6 percent.
The drop in the jobless rate reflected a gain in employment, rather than people leaving the workforce. The workforce actually expanded, while the labor force participation rate - the share of working-age Americans who either have a job or are looking for one - held steady at a 34-year low of 63.3 percent.
Still, some details of the report remained consistent with a slowdown in economic activity. Construction employment fell for the first time since May, while manufacturing payrolls were flat.
The average workweek pulled off a nine-month high, with a gauge of the overall work effort falling, but average hourly earnings rose 4 US cents.
The relative strength of the data was particularly surprising given other recent signs that suggested the economy had slowed sharply in recent weeks. Although the economy expanded at a 2.5 percent annual pace in the first quarter, a wide range of data suggested it ended the period with less speed. Further, factory activity barely grew in April.
Economists feared uncertainty over the full impact of higher taxes and deep government spending cuts on already sluggish demand was making businesses reluctant to hire. A 2 percent payroll tax cut ended at the start of the year, and US$85 billion in federal budget cuts went into effect on March 1.
While the pace of hiring was stronger than expected in April, it remained below the pace needed to put a significant dent in the jobless rate.
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