WASHINGTON (5/6/13)--The U.S. economy added an estimated 165,000 jobs in April, the Labor Department said Friday.
That job growth, along with a national unemployment rate of 7.5%--a four-year low--suggests steady but measured economic growth, and indicates employers are upbeat about the economic outlook amid federal budget cuts (The Wall Street Journal, The New York Times and Bloomberg.com May 3).
April's payroll gain follows an upwardly revised 138,000 in March, an increase from an initial estimate of 88,000, according to Labor Department figures.
The economic recovery's erosion has been greatly exaggerated, Eric Green, global head of Research at TD Securities Inc. in New York, told Bloomberg. The job market is not imploding and is in better condition than generally thought, although it is in a soft spot, he added.
However, many new jobs were in lower-paying sectors such as food services and retail. Restaurants added 38,000 employees in April, and retail stores added 30,000 workers, Steve Blitz, chief economist at ITG, told the Times.
Although the current hiring is good, the economy is not generating high-income jobs, Blitz added.