Jobs report much better than expected
The April jobs report is much better than analysts had expected. The Labor Department says 274-thousand jobs were added to the economy last month as companies ratcheted up their hiring. That's about 100-thousand more than expected.
The unemployment rate was unchanged at five-point-two percent. The report is a hopeful sign that the labor market is gaining traction and that the economy's rough patch was temporary. It also showed that workers' average hourly earnings rose three-tenths of one percent in April, to 16 dollars. That was slightly higher than the increase economists were forecasting.
In another dose of good news, the report also showed the job gains for both February and March were much larger than previously estimated. Job gains for March were raised to 146-thousand from an initial estimate of just 110-thousand.