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The Bureau of Labor Statistics reported on Friday that private sector employment jumped by 268,000 jobs in April, the largest one-month increase in just over five years. The gain was offset in small part by a 24,000-job drop in public payrolls, principally in local and state government. While government employment will remain a drag until cyclical and structural budgetary issues are addressed, the private sector is making slow but steady progress in driving overall gains.

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