U.S. Economy Gets Jolt Of Good News

Unemployment Rate Dips And Only 20,000 Jobs Lost In April In Better-Than-Expected Performance

(CBS/AP)  Employers cut far fewer jobs in April than in recent months and the unemployment rate dropped to 5 percent, a better-than-expected showing that nonetheless still revealed strains in the nation's crucial labor market.

For the fourth month in a row, the economy lost jobs, the Labor Department reported Friday. But in April the losses totaled 20,000, an improvement from the 81,000 reductions in payrolls logged in March. Job losses for both February and March turned out to be a bit deeper than previously reported.

The latest snapshot of the nationwide employment conditions - while clearly still weak - was better than many economists were anticipating. They were bracing for job cuts of 75,000 and for the unemployment rate to climb to 5.2 percent.

The unemployment rate, derived from a different statistical survey than the payroll figures, fell to 5 percent from 5.1 percent in March. That survey showed more people finding employment than those who didn't.

Businesses are handing out pink slips as they cope with an economy that is teetering on the edge of a recession, or possibly in one already. A severe housing slump, harder-to-get credit and financial turmoil have forced people and businesses to be more cautious in their spending. And that has hurt the economy.

In April, construction companies slashed 61,000 jobs. Manufacturers cut 46,000 and retailers got rid of 27,000. Those losses were eclipsed by job gains in education and health care, professional and business services, the government and elsewhere.

The job losses came in areas hardest hit by the housing and credit debacles. The fact that fewer job cuts were ordered in April raised hopes that damages could be limited.

Voters are keenly worried about the country's economic problems and so are politicians - in Congress, in the White House and on the campaign trail.

Workers with jobs saw scant wage gains.

Average hourly earnings for jobholders rose to $17.88 in April, a tiny 0.1 percent rise from the previous month. That was less than the 0.3 percent rise economists were forecasting. Over the last 12 months, wages have grown by 3.4 percent.

The promising news from the Labor Department has Wall Street poised for a sharply higher opening.

Dow Jones industrial average futures rose 120, or 0.95 percent, to 13,121.

Wall Street rallied Thursday as investors viewed the rising dollar and falling oil prices as promising signs for the economy. The Dow industrials soared nearly 190 points to close above 13,000 for the first time since Jan. 3.

Meanwhile, the Fed said it will work with European central banks to expand a series of efforts to deal with the global credit crisis. The Fed said it will boost the amount of emergency reserves it supplies to U.S. banks to $150 billion in May, up from the $100 billion it supplied in April.

[armydog2]

thank you george, you sure did a great job destroying our country!

[luvny-2009]

Bush doesn''t give a rats azz, he and his buddies made tons on oil plus we have to actually pay him for the rest of his life for *** up the US. How''s that for a slap in the face. He should be charges with war crimes and put in jail!

[underdogus]

My fellow Americans ask not what the country can do for you-ask what you can do for your country! join the army....

[underdogus]

luvNY ,armydog2 traitors!! and cowards!!

[bgwinnett]

My fellow Americans ask not what the country can do for you-ask what you can do for your country! join the army....

Posted by underdogus at 08:18 AM : May 02, 2008

Yeah -- nothing can beat ******** yourself while been shot at in a trench.

[momjackson]

Here we go again Bush wants to send more money to other countries when we (the us) are sinking further and further in someone elses debt. Help your own before everyone else. WAKE UP BUSH YOUR OWN COUNTRY IS IN TROUBLE.LET SOME ONE ELSE COME TO THEIR AID!!!IT,S TIME TO TAKE CARE OF YOUR OWN PEOPLE.HURRY WE ARE DYING HERE OR DO YOU NOT EVEN CARE.....

[alexma50085]

thank you george, you sure did a great job destroying our country!

Posted by armydog2

The only great job he did in his 8 years of being president.

[the74blaster]

My fellow Americans ask not what the country can do for you-ask what you can do for your country! join the army....

Posted by underdogus,

Right! I am not really in the mood to go fight in Iraq so some more of Bushs elite friends can make more money.

What can I do for my country? It is very simple.

I need to vote straight democratic ticket to get rid of any GOP supporters of Bushs failed policies.

I know there are 29% of us who approve of Bush, but its time to for these people to take their rose colored sun glasses off.

The facts are simple. We cannot afford to flush 10 billion a week without any tangible return on investment for the tax payer in Iraq. I know the number on Iraq do not reflect this but they will if you consider the long term costs.

We need to get out of Iraq now. This is not a cut and run strategy it is called common sense. Consider the possibile outcome in Iraq.

Whenever we leave the Iraqi government will be consider a puppet and it will be overthrown. If you do not believe this statement consider what happened in Iran.

My arguement is why spend another 10 years and 5 trillion dollars to achieve the same end result?

We need to invest in America. It provides a tangible return and it will create good paying jobs here.

[liberalme]

2 worthless posts....fat, drunk and stupid is no way to go thru life
Posted by jamesm12341

Wow jwind11 you must be psychic--how do you know they are fat? How do you know they''re drunk--now stupid is certainly something you can identify with, but tell us--how do you know they''re fat and drunk?

[bgwinnett]

fat, drunk and stupid is no way to go thru life

Posted by jamesm12341 at 08:47 AM : May 02, 2008

And there I was thinking that this was the American way.

[paganmama]

74blaster, great post. I can believe there are still folks out there who don''t see or don''t want to see just how badly BushCo has screwed up this country. They''ll be the first ones in line for the Kool-aid.

[luvny-2009]

LOL you are all too funny not to mention just really stupid. You must be the ones with the money and def Bush cult.

[paganmama]

oops, that should have been "I can''t believe. . ."

[underdogus]

more bad news WE cant lose Iraq!! unless you want to live in a third world country...

[liberalme]

more bad news WE cant lose Iraq!! unless you want to live in a third world country...

Posted by underdogus at 09:04 AM : May 02, 2008

WIN?? Win what??? Lose what??

[underdogus]

WIN?? Win what??? Lose what??
Posted by liberalme ..SANDS of Iraq hold WORLD''S 2nd largest oil reserve....

[underdogus]

FloydZepp you love foreigners you support Muslims....

[longtree-2009]

Some 300 million people in the U.S. so wonder how many are still working. I see businesses still open and many commuters on the way to work. I see some companies and stocks doing fairly well considering the economy. I see people cheerfully filling up their vehicles with fuel. Heavy traffic during commute hours and same medium traffic on weekends. Growth is slow but it does not seem as bad as the media reports. Yes, certain areas are harder hit due to housing bubble and related jobs but Feds and some states, even businesses, are hiring so it is not across the board awful.

[liberalme]

WIN?? Win what??? Lose what??
Posted by liberalme ..SANDS of Iraq hold WORLD''''S 2nd largest oil reserve....

Posted by underdogus at 09:

Oh MAN!! Are you admitting Bush LIED??? You mean there were never weapons of mass destruction there? Are you saying we are not there to bring democracy???
I just can''t believe the Bush administration would lie to us like that--are we there for oil??
Oh shoot---say it ain''t so!!!!!!!!

[omega39-2009]

U-6 Total unemployed, plus all marginally attached
workers, plus total employed part time for
economic reasons, as a percent of the civilian
labor force plus all marginally attached
workers...................................... 9.2%

[alexma50085]

Those ragtag TRIBAL LEVEL turrrists gonna invade Amurrrica and take away your bible and your NASCAR!

FEAR! FEAR! Jesus is in Danger! Fear!

Posted by FloydZepp

LOL, no, not the NASCAR. LOL

[underdogus]

liberalme who cares that''s water under the bridge! WE need cheap oil right?

[irliberal]

Go wait for the Rapture.

Posted by FloydZepp at 09:15 AM

LOL you so funny. 8-)

[demslie]

Yes Democrats Doom and Gloom has not worked yet. Democrats believe their evil political agenda will profit from bad news.The Democrats hopeful predictions of mayhem in the economy just keeps slipping away. Democrats are so invested in the Failure of America that they must just peeeee in their pants when something bad does not happen. Let me see, January was not good for employment but the Spring time was better. What the Hellll kind of Surprise is that?? Employment is always better in the Spring than the Winter. People don%u2019t relocate or build houses or go on vacations as much in the Winter. But Democrats scream Doom and Gloom and Hate and Anger at every subject so, we have come to expect failure from them. John McCain is polling ahead of both O%u2019Bama and Hitlery because the American people are tired of the Endless Anger and Ranting from Democrats toward anything American. Thank God for McCain. DISCLAIMER: For you Democrats, God is a fictional Character in a book of Fables call the Bible.

[inventagod2]

Bu$hCo hasn''t killed America yet...

[prinzowhales]

If you work an hour a week, you are not included in the unemployment roll. The Regime''s unemployment figures are as bogus as their inflation figures. The same liars who sold you the war are selling you dirt on the economy...who will be dumb enough to buy it?

[bgwinnett]

liberalme who cares that''''s water under the bridge! WE need cheap oil right?

Posted by underdogus at 09:21 AM : May 02, 2008



Yes-- US society is structurally based on cheap energy, but high oil prices are here to stay, irrespective of what the outcome is in Iraq.

[gheemaster38]

whew! Only 20,000 jobs lost last month must have been a good one according to Washington afterall, 20,000 is a lot less then 40,000-oh wait, between Mar-Apr that is 40,000-rats.

[bgwinnett]

The Regime''''s unemployment figures are as bogus as their inflation figures.

Posted by Prinzowhales at 09:26 AM : May 02, 2008

Yup -- both really @ 12% and growth figures are massaged.

[irliberal]

Poor demslie... the next eight years are gonna be rough on him. But, with the proper medication and restraints, it''s possible he could become a productive member of society again.

[dorlockt]

Yes Democrats Doom and Gloom has not worked yet.

Posted by demslie at 09:23 AM : May 02, 2008


Not only are the American people fed up with the Dems, we''re fed up with the socialist idiots that believe in them. I can''t wait to see their faces if Hitlery somehow manages to institute her jalopy of a health care system, and then all of these commie liberals need to get in line behind millions of illegals. I see more casualties happening from Hitlery''s health care than from Iraq and Afghanistan combined.

[liberalme]

liberalme who cares that''''''''s water under the bridge! WE need cheap oil right?

Posted by underdogus at 09:21 AM : May 02, 2008


That''s NOT water under the bridge!! That''s criminal!


Losing over 4000 troops is NOT like water under the bridge---murdering over 90,000 civilian Irauis is NOT water under the bridge--displacing over 2 million Iraquis is NOT water under the bridge.....its CRIMINAL!!

[oscarez]

The Bush administration is playing with the numbers. How can there be a loss of 20,000 jobs and the unemployment rate, derived from a different statistical survey than the payroll figures, fell to 5 percent from 5.1 percent in March? Right, the George Bush must think we are a bunch of fools. Hay, I guess we are if we believe this ***!!!

[underdogus]

Losing over 4000 troops is NOT like water under the bridge Posted by liberalme... do we need cheap oil?

[libh8er]

''U.S. Economy Surprises''

I just know CBS, et al, had to really hold their collective noses before broadcasting this info. Must have really hurt them to do so.

[walt1944-2009]

The Great Emperor Bush II is pleased that the monthly labor numbers are better than expected with ONLY 20,000 job lost and the unemployment rate going down to 5% - OFFICIALLY!!!

The Great Emperor has sent self-destructing e-mails to all those involved in the computation of April''s numbers at the labor department, commending them on their "creativeness" and providing numbers that make the Great Emperor Bush look like an economic Einstein!

The Great Emperor concluded his messages to those involved with his usual expectations that these monthly figures will "improve" as the months go by, thereby continuing his policy of deceiving the general public of the USSA and the world, as well as contributing to a neocon Fascist Nazi Republican victory in November!

SIG HEIL, BUSH!!!!
sig heil, more of the same, McCain!!!!

[keeblers69]

From the Dept Labor Website the True Unemployment Rate

U-6 Total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers April 2008 9.2% Unemployment Rate

[underdogus]

My fellow Americans ask not what the country can do for you-ask what you can do for your country! join the army....

[irliberal]

sorry libs...good news here....

Posted by jamesm12341 at 09:36 AM

The economy loses 20,000 jobs and the moron here says it''s "good news". Must be a neocon. 8-)

[rowdytexan2]

What a big laugh! This country is not stupid enough to believe this krap when more and more are moving into below poverty status, losing their jobs and homes.

Give us a break from the big lies, idjits!

[liberalme]

Losing over 4000 troops is NOT like water under the bridge Posted by liberalme... do we need cheap oil?

Posted by underdogus at 09:36 AM :

Not at the expense of our military who volunteered to go after the people responsible for 911...I guess we should have looked in "our own back yard"!

You really aren''t good enough to be a liberal...not if you''re willing to trade human lives for a gallon of "cheap oil"!

[singingrick]

Good news America! The Bush administration is going to create 500 thousand new jobs. Unfortunately, they''re all in the Iraqi Army.

lol!

[piercetheval]

...Let me see if I got this straight.
The good news is tht the bad news isn''t as bad as you tought it was going to be.
Now, if we end this 888 damned war and bring all the troops home...how many more un-employed does that make?
I cry for you America...every 888 damned day.

[liberalme]

sorry libs...good news here....can''''t you get over your pity and disdain of life long enough to post something positive?

Posted by jamesm12341

Awesome, productive, well thought out post jwind11, you are really an asset to the Bush defenders....

[gheemaster38]

sorry libs...good news here....can''''t you get over your pity and disdain of life long enough to post something positive?

Okay let me find the good news part:

Businesses are handing out pink slips as they cope with an economy that is teetering on the edge of a recession, or possibly in one already. nope not here.

In April, construction companies slashed 61,000 jobs. Manufacturers cut 46,000 and retailers got rid of 27,000. not here either.

Average hourly earnings for jobholders rose to $17.88 in April, a tiny 0.1 percent rise from the previous month. That was less than the 0.3 percent rise economists were forecasting. Over the last 12 months, wages have grown by 3.4 percent. ALmost-but inflation has grown 13% (Think gas prices within the last 6 months)

I guess somewhere in there is good news. But, I am not seeing it not even with the 120 pt dow increase

[ubrew12]

Sounds like we''re all employed and, thanks to the falling dollar, working at half-pay. Good news indeed!

[piercetheval]

...siningrick! My Man! You beat me to the post with almost the same thought!
GOOD MORNING TO YOU!

[libh8er]

Must be a neocon. 8-)
Posted by IRLiberal at 09:43 AM : May 02, 2008

URImbecile!

[oscarez]

"81,000 reductions in payrolls logged in March. Job losses for both February and March turned out to be a bit deeper than previously reported."

In two are three weeks April will be adjusted to there real numbers. More WMD lies for Bush.

[speakinup]

liberalme - spoken like a true liberal. He can''t accept the facts, doesn''t like them, they don''t fit his far left agenda; so he attacks the person that delivers them.

And you sir, in turn, do Hillary justice.