Overview: The economy added 290,000 jobs in April as the unemployment rate rose to 9.9%.  Consumer credit increased $2.0 billion to $2.541 trillion in March.  Productivity increased at a rate of 3.6% in the 1st quarter of 2010.  The ISM index rose 0.8 point to 60.4 in April; the ISM services index was unchanged at 55.4.  Personal income was up 0.3% in March as spending rose 0.6%.  Pending home sales increased 5.3% in March as construction spending rose 0.2%.  Auto sales were down 4.8% in April to an annual pace of 11.2 million units.  Stock markets declined significantly; both the Dow and Nasdaq closed the week in negative territory for the year for the first time since February.  Initial jobless claims fell by 7,000 to a level of 444,000 for the week ended 5/1.

The economy added 290,000 jobs in April as the unemployment rate increased to 9.9%. The hiring of 66,000 temporary Census workers contributed to the  increase in jobs. There were 195,000 re-entrants to the labor market among the 15.3 million unemployed in April.

Consumer credit surprised on the upside with an increase of $2 billion in March to $2.451 trillion.  This marks only the second increase in credit over the past 14 months. Nonrevolving credit (i.e., auto loans) rose 3.9% while revolving credit (i.e., credit cards) fell 4.5%, marking the 18th consecutive monthly decline in revolving credit

Productivity increased at an annual pace of 3.6% in the 1st quarter of 2010 (according to the advance estimate). This follows on the heels of respective increases of 6.3%, 7.9%, and 7.6% for the 4th, 3rd, and 2nd quarters of 2009.

The ISM index rose 0.8 point to 60.4 in April.

The ISM services index was unchanged at a level of 55.4 in April.

Personal income rose 0.3% in March while personal spending increased 0.6%.

Pending home sales were up 5.3% in March.

Construction spending rose 0.2% in March.

Auto sales were down 4.8% to an annual rate of 11.2 million units in April after rising significantly in March due to incentives. Sales were up 21.4% from April of 2009, which marked a 30 year low.

Initial jobless claims fell by 7,000 to 444,000 for the week ended May 1st.