The stock market responded favorably today to an April jobs report that saw unemployment drop to 7.5%. The monthly numbers show that 165,000 jobs were created.

The National Retail Federation (NRF) responded positively to the report.

“The retail industry—the largest private sector employer—rebounded from a dismal March and added 29,000 jobs in April, indicating that retailers remain cautious, but are seeing signs of an improving economy, and as a result, added to their payrolls heading into the summer,” said NRF President and CEO Matthew Shay. “While the overall impact of the payroll tax increase and sequester remain a significant concern, unease over taxes and spending and the upcoming debate on the debt ceiling in Congress may once again stymie business investment and consumer spending.”

NRF Chief Economist Jack Kleinhenz said he finds the April report “reassuring.”

“Today’s solid employment news combined with positive March revisions may bode well for the broader economy and portend steady retail sales in April,” he said. “Retailers are continuing to find innovative ways to engage shoppers with the right mix of products, inventory and employment to meet their customers’ demands. With the significant decrease in jobless claims—at the lowest level since the recession—and an uptick in personal discretionary spending and consumer confidence, today’s news is very promising. We are encouraged by the resilient economy and consumer.” 

However, Marketwatch observed, total hours worked fell sharply, and total earnings of U.S. workers declined from the previous month. The “aggregate weekly hours” figure in the report measures the total number of hours worked, a significant indicator regarding the health of the U.S. economy.

Hours worked in April fell 0.4%, equivalent to the loss of more than a half-million jobs, MarketWatch said. In retail, that number “plunged by 0.7% in April, which is the equivalent of cutting 11,000 jobs.”

The Dow and S&P 500 rose to all-time closing highs today, with major indexes jumping 1% after the unexpectedly strong report was released.

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