The U.S. added 290,000 jobs in April, the biggest increase since March 2006, with broad gains throughout the economy.
Most of the net new jobs came from the private sector — excluding temporary Census workers — non-farm jobs rose by 224,000, the Labor Department said on Friday.
In addition, payroll data for the prior two months was revised to show that 121,000 additional jobs were created than initially reported. The Labor Department said 230,000 jobs were created in March, instead of the original figure of 162,000, and the February measure was revised from a loss of 14,000 to a gain of 39,000.
As we speculated back in November 2009, net jobs growth began around Christmas and hiring has now netted new jobs in the first four months of the year. The additions reverse nearly two straight years of net job losses.
The string of employment growth represents the best four-month performance for jobs increases in 10 years. The return to jobs growth following a recession is perhaps one of the swiftest on record in the U.S.
Many naysayers scoffed at our linear trending charts claiming that a return to substantial jobs additions by spring 2010 was too optimistic. The reality is that the positive trend toward strong jobs creation continues — with summer projections for U.S. labor market improvement firmer than ever.
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