Hiring strengthens in the spring, points to rebounding economy

The numbers: The U.S. created 263,000 new jobs in April to help drive the unemployment rate down to a 49-year low of 3.6%, the latest cue pointing to a rebound in the economy after a slow start in the new year.

The increase in hiring was concentrated at white-collar businesses, construction and health care. The only sector to suffer a big drawback was retail, whose employment fell for the third straight month.

The increase in new jobs easily topped the 213,000 forecast of economists surveyed by MarketWatch.

The unemployment rate, meanwhile, slipped to 3.6% from 3.8% in March, marking the lowest level since December 1969, the Labor Department said. The decline in April stemmed from nearly a half-million workers dropping out of the labor force, but by the any measure, layoffs and unemployment are scraping a 50-year low.

The amount of money the average worker earns, meanwhile, rose 6 cents to $27.77 an hour.

The increase in pay in the past 12 months was unchanged at 3.2%. While hourly pay is rising at the fastest pace in nearly a decade, the increase in wages appears to have leveled off. That ought to ease any worries at the Federal Reserve about rising wages triggering a sharp increase in inflation.

resource: www.marketwatch.com