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Posted May 03, 2013 by

Job Growth Beats Expectations by Adding 165,000 Jobs; Unemployment Falls to 7.5%

Bureau of Labor StatisticsFinally some good news out of Washington, D.C. Although the consensus amongst economists was that we were due for a poor monthly job report, the numbers released today by the U.S. Bureau of Labor Statistics were actually decent. Not great, but definitely not poor as those of us who watch these numbers were expecting.

The U.S. economy added 165,000 jobs in April 2013. That beat by some 17,000 the consensus 148,000 gain expected by economists. Even better, the economy added 114,000 more jobs in February and March than had previously been reported. It isn’t unusual for the Bureau to revise up or down the estimates for the previous months but it is always nice when those revisions are higher than lower. With the revisions, job growth in the first quarter totaled 618,000. That’s just slightly behind the 208,000 monthly average during all of last year.

Interestingly, once again the austerity measures in place at the federal and especially state and local government units held back job growth. Private companies added 176,000 jobs, which means that the government shed 11,000 jobs. Given that the percentage of workers employed by federal, state, and local government units is 7.84 percent, the percentage of workers employed by private businesses is 92.16 percent. If the government were creating jobs at the same rate as private industry, the government would have added 14,972 jobs in April and that would have made the April job gains a very healthy 190,972. (more…)

Posted March 08, 2013 by

Economy Added 236,000 Jobs Despite Expectations of Only 160,000

Bureau of Labor StatisticsThe U.S. economy added 236,000 jobs in February. According to the Wall Street Journal, economists had forecast that payrolls would rise by 160,000 and the unemployment rate would fall to 7.8 percent. In related news,  the unemployment rate fell two-tenths of a percentage point to 7.7 percent, the lowest level since the end of 2008.

Total nonfarm payroll employment increased by 236,000 in February, and the unemployment rate edged down to 7.7 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services, construction, and health care. (more…)