EMPLOYMENT RESULTS FOR APRIL
By: Hope Wilkos, Writer/Blogger Photographer: George Whylie Videographer: Maxine NolanEach month the outlook gets a bit more optimistic but we still have a ways to travel on that long road ahead. President Obama believes that prosperity in America comes from a strong and growing middle class. We need to follow the blueprint for an American economy built to last and continue to urge Congress to act to do more to grow the economy and create new jobs.
Private employer payrolls increased by 130,000 jobs in April and overall non-farm payroll employment rose by 115,000. The unemployment rate decreased from 8.2% in March to 8.1% in April. Since August, the unemployment rate has fallen by 1 percentage point from 9.1% to 8.1% and nearly 3/4 of that drop is due to increased employment.
The economy has added private sector jobs for 26 months straight now totaling 4.25 million payroll jobs. In the first quarter of 2012, private employment expanded by 697,000 jobs which is quite an accomplishment. This has been the largest increase since the first quarter of 2006. From the first of the year to the end of April, 827,000 net private sector jobs have been added to the economy.
Manufacturing jobs are on the upswing adding 16,000 in April. The President has proposed tax incentives for manufacturers, enhanced training for the workforce and measures to create manufacturing hubs and encourage the growing trend of insourcing.
Wholesale and retail trade increased by 36,700 and professional and business services by 62,000 and education and health services by 23,000.
Those industries that lost jobs were transportation and warehousing (16,600 jobs) and construction (2,000 jobs). Local governments lost 12,000 jobs mainly in education.
As the Administration stresses, these figures are volatile and are always subject to change.
STATEMENT BY: Alan B. Krueger, Chairman of the Council of Economic Advisors
