Employers added 290,000 jobs in April, the Labor Department said on Friday, far more than analysts had expected.The department also revised figures for February and March to show 121,000 more jobs were added than previously thought.
The unemployment rate, however, rose to 9.9 percent as discouraged workers re-entered the labor force to look for work.
It was good news all over the place. The number of hours worked also rose slightly. Of the nearly 300,000 jobs gained, only about 66,000 were census jobs, very tenuous, and so this was an excellent report. Meanwhile, the unemployment rate rose to 9.9%. That's actually good news as well. That rose because so called discouraged workers are less discouraged and re entering the work force.
I'm sure the president will take credit for this report sometime today and well he should. This positive report could not have come at a worse time. No one cares. The major indices are all hovering down about 2% this morning again.
The situation in Greece continues to lead the headlines and this very positive jobs report has become almost an afterthought.
That is because 188,000 of the so-called new jobs don't exist at all. Which is why the market is ignoring the report:
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