(CBS/AP) The pace of layoffs slowed in April, with employers cutting 539,000 jobs, the fewest in six months. But the unemployment rate climbed to 8.9 percent as many businesses remained wary of hiring given all the economic and financial uncertainties.
The Labor Department tally wasn't nearly as deep as the 620,000 job losses that economists were expecting. The rise in the unemployment rate from 8.5 percent in March matched economists' forecasts.
If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 15.8 percent in April, the highest on records
dating back to 1994.
One analyst thinks the "worst has passed" in terms of job losses in the recession.
Companies also keep a tight rein on workers hours. The average work week in April stayed at 33.2 hours, matching the record low set in March.
Since the recession began in December 2007, the economy has lost a net total of 5.7 million jobs. - CBS News Story
Just think, had Obama not spent his $1 Trillion Dollars on Stimulus these figures would have been much much worse. Really? I can think of Hundreds and Probably Thousands that deserve to be in an unemployment line, but Obama saw fit to hand them a big old check (bailout).
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