Friday, May 03, 2013

Economy added 165K jobs, besting expectations

[Updated at 8:31 ET.] The U.S. economy created 165,000 jobs in April, and the unemployment rate fell to 7.5% from 7.6%, even though the size of the labor force increased, the government said moments ago, according to MarketWatch.

What's more, hiring in March and February were revised up by a combined 124,000. The increase in hiring in April beat Wall Street's forecast.

Who cares? Everyone, according to The Wall Street Journal's Money Beat blog, which says of the monthly report: "For one ever-so-brief moment the interests of Wall Street, Washington and Main Street are all aligned on one thing: jobs."

My original post: In less than 30 minutes, the Labor Department will release its monthly jobs report for April -- across Corporate America, the most closely watched barometer of economic activity.

The U.S. likely added a net 135,000 jobs during the month, up from an initially reported 88,000 in March, according to economists polled by MarketWatch. The unemployment rate is expected to have held steady at 7.6%. And the odds of the March numbers being revised somewhat higher are pretty good, MarketWatch says.

Among those bracing for the report: CEO Gracia Martore. Only last week, she told Wall Street analysts that Gannett's first-quarter results were strong across the company, "especially in light of a continued tepid economic recovery."

She continued: "And while recent gains in the stock market and increasing home prices give some positive signs of a turnaround, the percentage of Americans in the workforce dropped to its lowest level since 1979, and consumers remain cautious."

The Labor Department's report is released about 8:30 ET.

GCI's stock closed yesterday at $20.30 a share, up 36 cents, or 1.8%.


  1. Stock market is up, GCI is up. What a great way to end the week. Who is happy out there???????

  2. Gannett doesn't help that number.

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  4. Look at the real picture.
    Going by the labor departments own numbers ,if you count the people who dropped out of the work force and those working part time,not by choice the unemployment rate nationwide is 13.9%.
    Yes ,really something to cheer about.

    1. Especially those who lost their jobs thanks to Gannett. Woohoo. Thanks, Gracia!


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