Layoffs slow in April
WASHINGTON — 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 this morning wasn't nearly as deep as the 620,000 job cuts 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 could 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 workweek 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.
