Jobless Rate Rises (8.9%); Layoffs Slow To 539,000 in April
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.
“This is a truly awful report that will likely be taken as a good report because the job losses have slowed,” Joel Naroff of Naroff Economic Advisors, wrote in a note to clients.
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.
(Excerpt) Read more at cnbc.com …
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