| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy


How to use our RSS feed

Follow Finfacts on Twitter

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News




Content Management by interactivetools.com.

News : US Economy Last Updated: May 3, 2014 - 1:50 PM

US added 288,000 jobs in April; Jobless rate lowest since September 2008
By Michael Hennigan, Finfacts founder and editor
May 2, 2014 - 3:49 PM

Email this article
 Printer friendly page

The US added jobs in April at the fastest pace in more than two years and the jobless rate plunged, signalling that the economy rebounded from a winter slide. Nonfarm employment grew a seasonally adjusted 288,000 last month, the Labour Department said. That marked the best month of job creation since January 2012 and the second-best month since the economy emerged from recession in mid-2009. The jobless rate dropped to 6.3% from 6.7%, hitting the lowest level since September 2008.

The US labour-force participation rate sank to 62.8% in April from 63.2% in March to match a 35-year low. Some 806,000 people dropped out of the labour force --  some were retirees, others had given up searching for work.

Job gains were widespread, led by employment growth in professional and business services, retail trade, food services and drinking places, and construction.

Incorporating the revisions for February and March, which increased total nonfarm employment by 36,000 on net, monthly job gains have averaged 238,000 over the past 3 months. In the 12 months prior to April, employment growth averaged 190,000 per month.

Employment in professional and business services rose by 75,000 over the month. The industry had added an average of 55,000 jobs per month in the 12 months prior to April. Job growth continued in temporary help services, which was up by 24,000 over the month. Employment increased in management of companies (+12,000) and in computer systems design (+9,000).

Retail trade employment rose by 35,000 in April, with modest gains throughout much of the industry. Employment in retail trade has grown by 327,000 over the past 12 months. Wholesale trade employment increased by 16,000 in April.

Employment continued to expand in food services and drinking places in April (+33,000). The industry has added 377,000 jobs over the year.

Employment in construction rose by 32,000 in April. Construction has added 189,000 jobs over the past year, with almost three-fourths of the gain occurring over the past 6 months. In April, job gains occurred in heavy construction and in residential building.

Health care added 19,000 jobs in April, in line with average job growth over the prior 12 months.

Mining employment rose by 10,000 in April, largely in support activities for mining (+7,000). April’s job growth in mining was much stronger than the average monthly employment change (+3,000) over the prior 12 months.

Average hourly earnings of all employees on private nonfarm payrolls were unchanged at $24.31 in April. Over the past 12 months, average hourly earnings have risen by 1.9%. From March 2013 to March 2014, the Consumer Price Index  rose by 1.5%.

Turning now to the survey of households, the unemployment rate fell by 0.4 percentage point to 6.3% in April. The number of unemployed persons fell by 733,000 to 9.8m. Both measures had shown little movement over the prior 4 months. Over the year, the jobless rate declined by 1.2 percentage points, and the number of unemployed persons decreased by 1.9m.

In April, the number of unemployed reentrants and new entrants declined by 417,000 and 126,000, respectively. Reentrants are persons who previously worked but were not in the labour force prior to beginning their job search, and new entrants are unemployed persons who have never worked.

The civilian labour force dropped by 806,000 in April, following a gain (+503,000) in March. The labour force participation rate fell by 0.4 percentage point to 62.8% in April. The participation rate has shown no clear trend in recent months and currently is the same as it was this past October.

Among persons not in the labour force in April--that is, neither working nor looking for work--2.2m were classified as marginally attached to the labour force, down slightly from a year earlier. These individuals had not looked for work in the 4 weeks prior to the survey but wanted a job, were available for work, and had looked for a job within the last 12 months. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, was 783,000 in April, little changed from a year earlier.

The analysis of the household survey data suggests that the April labour force decline was due mostly to fewer people entering the labour force than usual, rather than to more people exiting the labour force. As always, additional months of data may provide further insights into recent labour market developments.

US added 288,000 jobs in April; Jobless rate lowest since September 2008

CNBC's Patti Domm sits down with Moody's Analytics chief economist Mark Zandi, to discuss Friday's jobs report:

Related Articles
Related Articles

© Copyright 2011 by Finfacts.com

Top of Page

US Economy
Latest Headlines
US jobs rose by 215,000 in July; Unemployment rate stable at 5.3%
US economy grew at weak pace in Q2 2015 - Worst expansion since 1945
Decoupling of per capita GDP, productivity, private employment, and median family income in America
US economy stumbles again in 2015
Income gap highest in 30 years; No inequality rise in best-paying US firms
Fed minutes raise doubts about fragility of US recovery
Senate Democrats block trade deal authority for Obama
Five firms held 25% of top US non-financial companies cash pile in 2014
US added 223,000 jobs in April; Broad jobless rate at 10.8%
Investment struggles as dividends/ share buybacks at top US firms to exceed $1tn in 2015
US economic growth plunged in Q1 2015
Why the Fed may (almost) never raise interest rates
US jobless rate falls to 5.5%; Broad rate at 11%; Participation rate at 1978 level
US added 257,000 jobs in January; Broad jobless rate at 11.3%
US economy will soon see best years in a decade
US annualised GDP slowed sharply in final quarter 2014
US budget deficit to fall to 2.6% of GDP in 2015
US added 252,000 jobs in December; Jobless rate falls to 5.6%
US adds 321,000 jobs in November; Private sector adds 10.9m jobs in 57 months of growth
US manufacturing slowed in November
US retail spending over Thanksgiving weekend fell 11%
US consumer spending weak in October; Business investment fell again
US third-quarter GDP revised up to 3.9% annualised rate
After destroying banking secrecy US helps Swiss exporters
US oil imports from OPEC cartel at 30-year low
Tax-inverted "Irish" firm Actavis agrees to buy US Botox maker Allergan
US nonfarm payroll employment rose 214,000 in October' Jobless @ 6-year low
Swiss bankers await fallout of US tax evasion acquittal
Two PMI reports give contrasting trends on US manufacturing
US GDP increased at annualised 3.5% in third quarter of 2014
US city home price growth slowed again in August; Consumer confidence rebounded in September
US new orders for manufactured durable goods fell again in September
Loans to buy US shares at record highs
Global markets slide; US industrial production best in 3 years & jobless claims in 14-year low
US federal budget deficit dips to 2.9% of GDP in fiscal year 2014
US added 248,000 jobs in September; Jobless rate falls to 5.9%
US set to become world’s leading liquid petroleum producer again
Obama issues new rules to combat tax inversions
US Securities and Exchange Commission to pay $30m award to foreign whistleblower
Typical American household income in 2013 was below the 1989 level