Credit, Economy and Financial News
Rate of Job Cuts Slows, but Unemployment Hits 8.9%
The worst may be over for job cuts, but companies are still reluctant to hire, which means the job market will remain tough for some time. The Labor Department reported that employers cut 539,000 jobs in April, the fewest in six months, but the unemployment rate climbed to 8.9%, the highest since late 1983. The amount of jobs cuts was not nearly as deep as the 620,000 job cuts that some economists were expecting, and was helped by government hiring. Nevertheless, businesses are expected to remain cautious in hiring, making it harder for laid-off workers to find new jobs. Since the recession began in December 2007, the economy has lost 5.7 million jobs. April's job losses were widespread. Construction companies cut 110,000 jobs, factories eliminated 149,000 jobs, retailers cut payrolls by nearly 47,000 and job losses in the financial field declined 40,000. The government increased jobs by 72,000 and healthcare employment grew by 17,000.
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Date Last Updated: 05/13/2009
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