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Sunday, May 9, 2010

Job Gains Speed Up And More Seek Work

The Labor Department report, released Friday, showed jobs grew in a wide swath of the economy, from manufacturing to professional services, and offered reassuring signs that the U.S. economy is recovering. "We're on more solid ground after these data than we thought we were," said Alan Levenson, an economist for T. Rowe Price Associates. "That should reduce, at least at the margins, the concerns that ones might have had of the impact on our economy of what's going on in Europe."

The government said 290,000 jobs were created in April and it revised upward by a total of 121,000 the gains for the previous two months.

The jobless rate ticked up to 9.9% from 9.7% as 805,000 workers left the sidelines and entered or rejoined the labor force. The flood of new job seekers comes amid signs that employers are hiring, as often happens in the early innings of a recovery. "People are encouraged to come back in the labor force and start looking for jobs," said Julia Coronado, a BNP Paribas analyst. "It's good that they're not so discouraged anymore."

(more at http://online.wsj.com/article/SB10001424052748703338004575229932760855258.html)

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