5/9: METROINTELLIGENCE ECONOMIC UPDATE by P.Duffy

April job growth rebounded to 211,000 as unemployment rate dipped to 10-year low

Total nonfarm payroll employment increased by 211,000 in April, and the unemployment rate was little changed at 4.4 percent. Job gains occurred in leisure and hospitality, health care and social assistance, financial activities, and mining. Over the year, the unemployment rate has declined by 0.6 percentage point, and the number of unemployed has fallen by 854,000.

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Consumer credit jumped 5.2 percent in March

Consumer borrowing rose at a solid 5.2% annual rate in March, suggesting the consumer has not completely retrenched.  Although the U.S. economy got off to a slow start this year as consumers dialed back spending, the Federal Reserve said earlier this week that the slump in first quarter growth was temporary.

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