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Jobs expand by 288,000 in April, far more than expected.
Byline: Michael Oneal
The U.S. job market expanded sharply for the second month in a row in April, providing evidence that the hiring drought may be over.
The Labor Department reported Friday that employers added 288,000 jobs last month and 29,000 more in March than originally thought. The unemployment rate fell slightly from 5.7 percent to 5.6 percent and hourly wages inched ahead.
A broad range of industries showed improvement, but for the industrial Midwest, the best news was that manufacturers added 21,000 jobs in April, the biggest monthly gain in almost four years.
The machinery and fabricated metals industries showed the biggest gains. Manufacturing employment has moved up steadily since February after 42 months of decline.
"It's almost like a light switch went off in boardrooms across the country," said Mark Zandi, chief economist of Economy.com. "A year ago there was abject pessimism, today there is almost euphoria."
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Source: HighBeam Research, Jobs expand by 288,000 in April, far more than expected.