Freer-market spring

3 May 2013

Enterprises added 176,000 jobs in April, and the private sector grew by 4 pct in the first quarter. Higher payroll taxes, tight state budgets and sequestration downsizing aren’t preventing employment gains. America’s form of austerity by stealth looks to be working.

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U.S. nonfarm employment rose by 165,000 on a seasonally adjusted basis in April, according to a May 3 report from the Bureau of Labor Statistics. The unemployment rate fell by 0.1 t to 7.5 percent. February and March employment figures were revised up by a total of 114,000 jobs. The labor force participation rate remained at 63.3 percent, the lowest reading since 1979 and 2.7 percent below the December 2007 level at the start of the recession.
Professional and business services added 73,000 jobs in April, food services and hospitality added 38,000 positions, retail 29,000 and healthcare 19,000. Government employment declined 11,000.

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