The pace of layoffs slowed in April when employers cut 539,000 jobs, the fewest in six months. But the unemployment rate climbed to 8.9 percent, the highest since late 1983, as many businesses remain wary of hiring given all the economic uncertainties.
The Labor Department tally released Friday wasn’t nearly as deep as the 620,000 job cuts that economists were expecting, and was helped by a burst of government hiring. The rise in the unemployment rate from 8.5 percent in March matched economists’ forecasts.
The new report underscored the toll the longest recession since World War II has taken on America’s workers and companies. However, the slowdown in layoffs may bolster hopes that the worst of the downturn’s hefty job losses are past.
Still, companies will remain cautious in hiring, making it harder for laid-off workers to find new jobs.
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.
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.
As the recession eats into sales and profits, companies have turned to layoffs and other cost-cutting measures to survive the storm. Those including holding down workers’ hours, and freezing or cutting pay.
Source: The Associated Press
It is so much worse than the media wants people to believe. Every business owner I talk with says the same thing. If it doesn't get better by year's end they are goners.
ReplyDeleteThis is how America became a 3rd world nation.
ReplyDeleteClinton exporting manufacturing jobs to china.
Then he says 'Don't worry, we're replacing those tiresome manufacturing jobs with Hi-Tech jobs in the internet'.
Then Bush comes along and DAY ONE signs over 'outsourcing' of all those Hi-Tech jobs to India and Pakistan.
So 5 million americans in hi-tech become unemployed.
So now..NO JOBS.
Obama's job is to help finish the job Clinton and Bush started..to SINK THIS SHIP.
What about the labor force participation rate? If it declined, it isn't a good news for the economy.
ReplyDeleteBush didn't sign away all the jobs overseas. The companies did it themselves, one by one, and the growth of the internet as well as other economies helped. In capitalism, the bottom line is the dollar. And the job losses is the result of companies seeking to cut their overheard by reducing one of the most expensive resources: labor. We do the same thing by placing factories inside the border of Mexico and outsourcing manufacturing to Asia and have been for some time.
ReplyDelete如果您无法读取，你很快就会成为我们的无助奴隶。磨砂我的厕所！
ReplyDelete