US economy added 290,000 jobs last month, unemployment at 9.9%

Friday, May 7, 2010

Latest figures from the US government say that the country’s economy gained 290,000 jobs in April, the largest single-month gain since March 2006.

According to the Labor Department, excluding temporary workers for this year’s census, the number of non-farm jobs increased by a seasonally adjusted 224,000.

The unemployment rate, meanwhile, increased from 9.7% to 9.9%; the apparent contradiction is because 195,000 people who previously gave up searching for jobs started looking for work again, entering the labor force and augmenting the jobless rate.

The increases were larger than expected by economic analysts; according to a survey done by MarketWatch, economists believed the country would have added 185,000 jobs for last month.

President Obama commented on the numbers earlier today at the White House, saying: “This is the largest monthly increase in four years […] we’ve now seen job growth for four months in a row. These numbers are particularly heartening when you consider where we were a year ago, with an economy in freefall.”