Job Cuts Soften, Jobless Rate Declines
For the fourth month in a row employers cut jobs, the
Labor Department reported, although the 20,000 job losses in
April were far fewer than the 81,000 in March. In addition,
the government reported that the nation's unemployment rate
fell to 5% in April from 5.1% the prior month. The
unemployment rate is derived from a different survey than
the payroll figures.
The latest snapshot of the nation's job market - while
clearly weak - was better than many economists were
expecting. Some expected job cuts of 75,000 and for the
unemployment rate to climb to 5.2%. Construction companies
slashed 61,000 positions in April. Manufacturers cut 46,000
and retailers slashed 27,000. Those losses were offset by
job gains in education and health care, professional and
business services, the government and elsewhere. The job
losses came in areas hardest hit by the housing and credit
debacles.
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Date Last Updated: 05/08/2008 |
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