Employment: Buyers' Market

U.S. employment in April was down in one sector, up in another—and still at an alltime high. The work force in manufacturing industries dropped by 115,000, largely because of accumulated inventories and resulting layoffs in metals, electric-equipment and auto companies. The number of construction workers hired (210,000) was 40,000 less than anticipated because of inclement spring weather and delayed building projects. Up by 260,000, on the other hand, were the number of people employed in service industries, retail trade and all levels of government. In all, unemployment during the month hovered at 3.7% of the labor force, and the...