Overview:  The economy added 244,000 jobs in April as the unemployment rate rose to 9.0%.  The ISM index rose 0.7 points to 60.4 in April as the ISM services index fell 4.5 points to 52.8.  Constructing spending increased 1.4% in March.  Productivity increased at an annual rate of 1.6% in the 1^st quarter of 2011.  Auto sales were up 0.45% in April, and 16.9% from a year ago.  Factory orders rose 3.0% in March. Consumer credit was up $6.0 billion in March.  Oil prices dropped 14.7%, to close the week at $97.18/barrel. Initial jobless claims shot up 43,000 to a level of 474,000 for the week ended 4/30.

• The economy added 244,000 nonfarm payroll jobs in April as the unemployment rate increased to 9.0%.  Private payrolls increased by 268,000.  The discrepancy between job gains and the rising unemployment rate was likely the result of the different surveys used to measure each statistic (over previous months, the unemployment rate fell sharply despite less substantial job gains).
• The ISM index rose 0.7 points to 60.4 in April.
• The ISM services index unexpectedly dropped 4.5 points to 52.8 in April.
• Construction spending was up 1.4% in March.
• Productivity increased at an annual rate of 1.6% in the 1^st quarter of 2011, according to the advance estimate.
• Auto sales increased 0.45% in April to an annual rate of 13.17 million units.  Sales were up 16.9% from a year ago.
• Factory orders increased 3.0% in March.
• Consumer credit increased $6.0 billion to an annual rate of $2.426 trillion in March.  Revolving credit (i.e., credit cards) increased $1.9 billion while non-revolving credit (i.e., auto loans) rose $4.1 billion).
• Oil prices dropped 14.7% to close the week at $97.18.  The decline in oil came amidst a sharp sell-off in commodities and a rise in the dollar.
• Initial jobless claims shot up 43,000 to 474,000 for the week ended April 30^th.  This marks the highest level in initial claims since August 2010.