WASHINGTON (AP) - One analyst says the April employment numbers suggest that federal budget cutting "does not mean recession" or a "dramatic slowdown." The Labor Department says employers added 165,000 jobs last month, and far more in February and March than previously thought. The jobless rate fell to a four-year low of 7.5 percent.
The surge in U.S. hiring comes after weeks of conflicting signals about the strength of the global economy. The unexpectedly strong numbers jolted markets higher from the start of trading.
"There's euphoria today," said Stephen Carl, the head equity trader at The Williams Capital Group. "That's what you'd have to call it."