Market Overview

Private Sector Hiring Ramps Up In April

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Private sector hiring is on the mend. The Labor Department said on Friday that private sector employment increased 231,000 in April, the largest gain since March 2006.

Total U.S. nonfarm payrolls grew by 290,000 in April. Analysts polled by Reuters had expected nonfarm payrolls to rise 200,000 last month.

Private payrolls have now grown for four straight months. Census hiring added 66,000 jobs in April.

The unemployment rate actually rose to 9.9 percent, however, as the size of the labor market increased.

Many economists worry that a stubbornly high unemployment rate will lead to a muted economic recovery from the worst recession since the Great Depression. Over 8.2 million jobs were lost during the recession.

Posted-In: labor departmentEconomics Intraday Update Personal Finance

 

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