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.

[michellem99-2009]

ARE YE CRAZY,,YER ONLY HURTING YERSELVES IF YE BOYCOTT...the military needs to send a message..Don''t fight them wars..THAT IS THE PROBLEM..They are the ones have use the most oil,

[wardoglrs]

Ron Paul "REVOLUTION"

[forthepeopl1]

we the people can STOP all in CONGRESS and the WHITEHOUSE with something so easy, and we would not have to fire a shot at anyone to have this REVOLUTION, THATS RIGHT A REVOLUTION IS WHAT IS NEEDED TO STOP THEM ALL IN THEIR TRACKS.

HOW. WE THE PEOPLE DONT WORK OR DO ANYTHING FOR A FEW WEEKS, SEE HOW FAST THEY START DOING SOMETHING FOR AMERICANS, WHEN NO MONEY IS GOING ONTO THE GOVERNEMNT FOR A FEW WEEKS, SEE NO FOOD BEING DRIVEN TO STORES, THIS IS THE ONLY WAY WE AS AMERICANS CAN TAKE OUR COUNTRY BACK.. SO AMERICANS BETTER WAKE UP AND LETS START A COMPLETE BOY-COTT OF WORK..THIS WILL ONLY WORK IF ALL DO IT.

[e-mail]

[homjett]

An just think folks, all of this bad news, with one exception, came after we elected the Demos to Congress. What have they done for us. Nothing. They are more interested in finding something to hang Mr Rove over, then to do something about the Oil prices. Simple solution. You authorize drilling in the USA, you authorize building Refinery''s. Just once do something that the President has been asking for for years. Had you done this back in 90''s we would be using our own resources in times like these. I find it so interesting that the very same three folks running for the Presidency, never did anything for the last 3 years. Now of course, its all the PResidents fault. Its Congress that has the power, least we forget that small detail. I say throw them all out, an start fresh in Nov.

[trillion1]

I don''t think we can take much more "good" news.

[fstop100]

It is only better because when benefits run out you are no longer counted as unemployed.
It is just smoke and mirrors to cover up the mess this administration as made of our economy.
Make your parents proud George!

[irliberal]

Posted by ubrew12 at 01:24 AM

LOL good one man, I can''t top that. :)

[ubrew12]

Someone needs to write about the authors that fought in WWII and wrote prize-winning tomes about it:

From ''Catch 22'', to ''From Here to Eternity'', to ''The Caine Mutiny Court Marshal'', to ''Tales of the South Pacific'', these soldiers-authors wrote unreservedly about how abysmal war is, how it places ordinary, ethical people at the mercy of the most paranoid, war-mongering, anal-retentive among us.

The overall ''theme'' is that war is a place where the least developmentally developed among us handcuff the rest into playing out their deepest, darkest nightmares.

[gce65]

I just watched the movie Catch-22 again last night for the first time in a while. I recommend it rather than paying $10 at the local theater for some vapid ***.

Its themes are never more relevant than right now: war, manipulation of the truth, everything''s for sale, life is cheap.

[ubrew12]

Headline: "U.S. Economy Gets Jolt Of Good News...Only 20,000 Jobs Lost In April"

Headline: "Iraq War gets jolt of Good News... Only 100 soldiers killed in April"

Headline: "U.S. financiers get Jolt of Good News... National Debt only expands by 2% in April"

Headline: "Good NEWS for your home... its value only drops by 5% in April"

Headline: "GOOD NEWS for the environment... Polar bear losses to be countered by Grizzly bear gains!"

Headline: "Jolt of GOOD NEWS for the War on Terror... only 30% of world pissed at Americans for killing 300,000 in Iraq, down from 40% last year....

Libs apologize for always looking on the down side, say ''It ain''t NOTHIN'' but good news for ME, from NOW ON!!!'' "