U.S. Gains 288k Jobs, Most in 2 Years; Rate 6.3 Pct. - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

U.S. Gains 288k Jobs, Most in 2 Years; Rate 6.3 Pct.

Posted: Updated:
WASHINGTON (AP) - U.S. employers added a robust 288,000 jobs in April, the most in two years, the strongest evidence to date that the economy is picking up after a brutal winter slowed growth.
    
The Labor Department also said Friday that the unemployment rate sank to 6.3 percent, its lowest level since September 2008, from 6.7 percent in March. But the drop occurred because the number of people working or seeking work fell sharply. People aren't counted as unemployed if they're not looking for a job.
    
In addition to the burst of hiring in April, employers added more jobs in February and March than previously estimated. The job totals for those two months were revised up by a combined 36,000.
    
Employers have now added an average of 238,000 jobs the past three months, up from 167,000 in the previous three.
    
"Not only is job growth continuing, but it is accelerating," said Patrick O'Keefe, director of economic research at the accounting and consulting firm CohnReznick.
    
Sal Guatieri, an economist at BMO Capital Markets, said the surge in hiring "signals that American companies are optimistic the economy will snap back smartly after the largely weather-related slump in the first quarter."
    
Hiring last month was broad-based and included higher-paying jobs: Manufacturing gained 12,000, construction 32,000. Professional and technical services, which include accounting and engineering positions, added 25,100 jobs. The number of government jobs grew 15,000, mostly at the local level.
    
One sour note: Average hourly pay was unchanged at $24.31. Average wages have risen just 1.9 percent in the past 12 months, just above the annual inflation rate of 1.5 percent.
    
The fall in the unemployment rate was due mainly to the exodus of people who stopped looking for work. O'Keefe said he was surprised by the 806,000 drop in the number of Americans either with a job or seeking one. But he noted that that figure is volatile from month and month and that during the first three months of 2014, nearly 1.3 million people had poured into the labor force.
    
Investors responded to the surprisingly strong job growth by selling bonds, a sign that they think the economy is picking up. Prices of U.S. Treasurys fell, sending yields higher. The yield on the 10-year Treasury note, a benchmark for many loans including mortgages, rose to 2.67 percent from 2.62 percent shortly before the jobs report was issued.
    
Stock index futures were largely unchanged.
    
The jump in hiring comes after a spate of other data showed that the economy is improving. Consumers are ramping up spending, businesses are ordering more goods and manufacturers are expanding. The strengthening numbers show that harsh snowstorms and frigid cold in January and February were largely to blame for the economy's scant growth at the start of the year.
    
The economy barely expanded from January through March, eking out an annual growth rate of just 0.1 percent, down from a 2.6 percent rate in the final three months of 2013. Americans spent more last quarter on utilities and health care, but their spending on goods barely rose. Businesses also reduced spending, and exports fell.
    
Still, other data indicate that the economy was already rebounding in March and probably improved further in April. Consumers bought more cars and spent more at shopping malls. Overall consumer spending soared in March by the most in 4½ years.
    
Spending is up partly because Americans earned a bit more, and confidence has improved from the bleak winter months. Incomes rose 0.5 percent in March, the government said, the most since August.
    
And a private survey showed that manufacturing activity accelerated in April for a third straight month.
    
Businesses are also investing more in machinery and equipment after cutting back in those areas in January and December. Business orders for manufactured goods jumped in March, the government said last week.
    
All told, the positive news has led most economists to forecast a strong rebound in economic growth - to a 3.5 percent annual rate in the current April-June quarter. And growth should reach nearly 3 percent for the full year, up from 1.9 percent in 2013, they expect.
   
  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Two Easton Crashes Lead to Drug, Alcohol Charges

    Two Easton Crashes Lead to Drug, Alcohol Charges

    Tuesday, May 30 2017 3:03 AM EDT2017-05-30 07:03:12 GMT
    Tuesday, May 30 2017 3:03 AM EDT2017-05-30 07:03:12 GMT
    (Photo: MGN)(Photo: MGN)

    Two weekend crashes in Easton led to two arrests on drug and alcohol charges.

    More

    Two weekend crashes in Easton led to two arrests on drug and alcohol charges.

    More
  • Boat Catches Fire at Millsboro Marine Storage Yard

    Boat Catches Fire at Millsboro Marine Storage Yard

    Tuesday, May 30 2017 12:40 AM EDT2017-05-30 04:40:02 GMT
    Tuesday, May 30 2017 12:40 AM EDT2017-05-30 04:40:37 GMT

    Firefighters in Sussex County spent the evening of Memorial Day putting out a boat fire at a marine storage yard. According to the Indian River Volunteer Fire Company, crews responded to an active fire at the Shorts Marine Storage Yard on Long Neck Road in Millsboro around 5 p.m. Monday.  The fire company says it looked like a Maxuum Marine Unit was on fire, and they out it out upon arrival.  Emergency response units from Indian River included Tanker 80 ...

    More

    Firefighters in Sussex County spent the evening of Memorial Day putting out a boat fire at a marine storage yard.

    More
  • Statue to Recognize Historic Delaware Figure

    Statue to Recognize Historic Delaware Figure

    Monday, May 29 2017 6:43 PM EDT2017-05-29 22:43:02 GMT
    Tuesday, May 30 2017 12:07 AM EDT2017-05-30 04:07:25 GMT
    DSU will build a statue for the university's former president, Dr. Jerome Holland.DSU will build a statue for the university's former president, Dr. Jerome Holland.

    Delaware State University is inviting the community to take part in the recognition of a historic Delaware figure, Dr. Jerome Holland, who navigated the then-Delaware State College through its most challenging decade and saved the state’s only historically black institution of higher education from possible closure in the 1950s.

    More

    Delaware State University is inviting the community to take part in the recognition of a historic Delaware figure, Dr. Jerome Holland, who navigated the then-Delaware State College through its most challenging decade and saved the state’s only historically black institution of higher education from possible closure in the 1950s.

    More
  • Most Popular StoriesMost Popular StoriesMore>>

  • Celebrity Chef Gordon Ramsay Coming to Delaware

    Celebrity Chef Gordon Ramsay Coming to Delaware

    Monday, May 29 2017 12:30 PM EDT2017-05-29 16:30:34 GMT
    Tuesday, May 30 2017 12:02 AM EDT2017-05-30 04:02:16 GMT
    Gordon Ramsay; Photo Credit: MGNGordon Ramsay; Photo Credit: MGN

    DOVER, Del. (AP) - Celebrity chef Gordon Ramsay is coming to Delaware for a race at the Dover International Speedway.      

    More

    DOVER, Del. (AP) - Celebrity chef Gordon Ramsay is coming to Delaware for a race at the Dover International Speedway.      

    More
  • Boat Catches Fire at Millsboro Marine Storage Yard

    Boat Catches Fire at Millsboro Marine Storage Yard

    Tuesday, May 30 2017 12:40 AM EDT2017-05-30 04:40:02 GMT
    Tuesday, May 30 2017 12:40 AM EDT2017-05-30 04:40:37 GMT

    Firefighters in Sussex County spent the evening of Memorial Day putting out a boat fire at a marine storage yard. According to the Indian River Volunteer Fire Company, crews responded to an active fire at the Shorts Marine Storage Yard on Long Neck Road in Millsboro around 5 p.m. Monday.  The fire company says it looked like a Maxuum Marine Unit was on fire, and they out it out upon arrival.  Emergency response units from Indian River included Tanker 80 ...

    More

    Firefighters in Sussex County spent the evening of Memorial Day putting out a boat fire at a marine storage yard.

    More
  • Maryland Couple Arrested after Fight with Officer

    Maryland Couple Arrested after Fight with Officer

    Monday, May 29 2017 12:22 PM EDT2017-05-29 16:22:36 GMT
    Tuesday, May 30 2017 12:05 AM EDT2017-05-30 04:05:04 GMT
    (Photo Credit: DSPD)(Photo Credit: DSPD)

    DEWEY BEACH, Del. – Delaware State Police have arrested a Maryland couple for fighting with a security officer on patrol at Indian Beach.

    More

    DEWEY BEACH, Del. – Delaware State Police have arrested a Maryland couple for fighting with a security officer on patrol at Indian Beach.

    More
  • Most Popular VideosMost Popular VideosMore>>

  • Dover PD Investigating Weekend Homicide

    Dover PD Investigating Weekend Homicide

    The Dover Police Department is investigating the shooting death of a 31-year-old man that happened late on Sunday night.

    More

    The Dover Police Department is investigating the shooting death of a 31-year-old man that happened late on Sunday night.

    More
  • Dover Leaders Say High-Crime Areas Will be Saturated With Police

    Dover Leaders Say High-Crime Areas Will be Saturated With Police

    After a number of shooting incidents in recent weeks, Dover's mayor and police chief on Friday announced officers will be focusing their efforts in high-crime areas in the city.

    Dover Mayor Robin Christiansen said the effort comes after the city has seen more than 20 shooting incidents in 2017 and at a time when the summer is fast approaching and children and teenagers will be leaving school.

    More

    After a number of shooting incidents in recent weeks, Dover's mayor and police chief on Friday announced officers will be focusing their efforts in high-crime areas in the city.

    Dover Mayor Robin Christiansen said the effort comes after the city has seen more than 20 shooting incidents in 2017 and at a time when the summer is fast approaching and children and teenagers will be leaving school.

    More
  • Memorial Day Observed in Kent County

    Memorial Day Observed in Kent County

    Light rain and drizzle didn't stop hundreds from participating in Memorial Day events in Kent County ON Monday, as veterans and families of service members honored those who made the ultimate sacrifice in service of their country.

    A parade kicked off in the morning along Main Street in Smyrna as veterans and families made their way to the Smyrna Municipal Park for an annual memorial service.

    More

    Light rain and drizzle didn't stop hundreds from participating in Memorial Day events in Kent County ON Monday, as veterans and families of service members honored those who made the ultimate sacrifice in service of their country.

    A parade kicked off in the morning along Main Street in Smyrna as veterans and families made their way to the Smyrna Municipal Park for an annual memorial service.

    More
Powered by Frankly

All content © Copyright 2000 - 2017 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices