Government Reports Show Employment Surge

Need some good news for the day?

Spurred by more private-sector and Census-related hiring, April employment in the U.S. grew at the fastest pace in four years with companies adding nearly 300,000 jobs. Government data also shows 121,000 more jobs were created in February and March than initial reports estimated. Additionally, with the rise in employment, private payrolls have now grown for four consecutive months, led by gains in the manufacturing and service sectors. "There are a lot of people out there who are still experiencing real hardship," said President Obama, at a briefing at the White House. "We've got a ways to go. But we've also come a very long way."

Separately, the latest Employment Trends Index provided by The Conference Board, a private research firm, rose to 94.7 in April, up from 93.9 in March. The index, which uses eight components to measure employment growth and predict the future job market, improved for the eighth straight month. Also, reflecting a new wave of spending, The Conference Board’s Consumer Confidence Index rose more than five points in April, reaching 57.9. "Consumers' concerns about current business and labor market conditions eased again," said Lynn Franco, director of The Conference Board’s research center. "Looking ahead, continued job growth will be key in sustaining positive momentum."

Internationally, many nations are joining the U.S. in seeing slow, but steady economic growth in 2010. In the first quarter, the economies of Great Britain, Germany, France, Canada, Brazil, China and India all improved. Yet, despite a flurry of positive global and domestic economic indicators, the Federal Reserve remains likely to keep interest rates near zero for at least several more months as analysts foresee little chance of inflation in the immediate future.