US economy loses fewer jobs in April

| May 11, 2009 | 0 Comments

Figures released by the US Labor Department have revealed that the US jobs market might be improving.

According to the data, 539,000 jobs were lost in April, which exceeded the 600,000 economists had predicted and far less than the 699,000 jobs lost in March.

The country’s unemployment rate now stands at 8.9%, up from the 8.5% in March but represents the highest level since 1983.

While the news is positive for the economy, economists believe that employers will continue shedding jobs and the unemployment rate will continue to rise - possibly into 2010.

Since December 2007, 5.7 million jobs have been lost in the US economy.

Chris Rupkey, an economist at Bank of Tokyo Mitsubishi said: “The economy doesn’t turn on a dime but it does look as if the pace of job losses is starting to slow from the turn of the year. The panic layoffs that we saw at the turn of the year are starting to ease.”

There have been many reports that the US recession is easing after the latest housing market data has been more positive, while consumer spending was up during the first quarter of the year.

Ben Bernanke, Federal Reserve chairman, believes the recession will come to an end this year, unless there is a major financial setback.

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