US Employers Add 165K Jobs, Rate Falls To 7.5 Pct.
Americans' confidence in the economy jumped last month, lifted by a brighter outlook for hiring and expectations for higher pay, according to the Conference Board, a research group. Cheaper gasoline, the booming stock market and rising home values are also no doubt making people more confident.
Home prices rose 9.3 percent in February compared with a year ago, the most in nearly seven years, according to the Standard & Poor's/Case-Shiller 20-city index.
Still, prices nationwide remain about 30 percent below their peak during the housing bubble in 2006. They're back only to where they were in 2003.
Yet the global economy, by contrast, is slowing. The European Union warned Friday, for example, that the 17 countries that use the euro will shrink by a collective 0.4 percent this year. And unemployment in the eurozone is expected to hit an average of 12.2 percent. In Greece and Spain, it is forecast to reach 27 percent.In April, more Americans said they had part-time jobs even though they wanted full-time work. That figure rose 278,000 to 7.9 million, reversing a steep drop the previous month. Some economists worry that restaurants, retailers and other companies are hiring more part-timers in preparation for the start of health care reform. Companies with more than 50 full-time employees in 2013 will be required to provide health insurance to their full-time staff next year. The revisions to the March and February figures were unusually large. Retailers, restaurants and hotels added 48,000 more jobs in February than previously reported. They accounted for three-quarters of that month's revision. The government revises each month's job totals twice in the following two months. The revisions occur because many companies in the survey submit their responses late. Friday's report said the number of people who have been unemployed for more than six months dropped 258,000 to 4.4 million. Over the past year, the number of long-term unemployed has declined by 687,000.
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