Friday, May 06, 2011

Unemployment Rate Up, Economy Gains 244,000 Jobs

Two 'unexpected' things have happened. First, the economy added over 200,000 jobs-- higher than predicted. Secondly, the unemployment rate increased-- again unexpected. The rate jumped from 8.8% to 9.0%.

Both pieces of news are conflicting, leading to volatility in the market.

The economy added 244,000 jobs in the month, the Labor Department reported Friday. That's up from the 235,000 jobs gained in March. Economists surveyed by CNNMoney were expecting a slight slowdown to a gain of just 185,000 jobs.

The unemployment rate jump is apparently from more people re-entering the workforce. Formerly unemployed workers that had given up hope of finding a job came back to look for a position.

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