April Brings in Fewer Job Losses than Expected
A better-than-expected showing materialized in April in which employers cut far fewer jobs than in recent months and the unemployment rate dropped to 5 percent.
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.
Published on May 2, 2008
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