May 8th, 2009
10:09 AM ET

April unemployment numbers – better than expected?

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/images/04/01/art.job.seekers.jpg]

Ali Velshi | Bio
CNN Chief Business Correspondent

539,000 US Jobs were lost in April, substantially better than the 590,000-600,000 that were expected.

Notably, that number is MUCH lower than March's 699,000 jobs lost. Some economists are suggestion that the worst for monthly job losses is now over.

5,700,000 people have lost their jobs since this recession began 18 months ago, in Dec '07.

13,700,000 Americans are unemployed now. That's the highest number of people unemployed since records started being kept in 1948.

As expected, the US unemployment rate now stands at 8.9%, up from 8.5% in March. This is the worst unemployment RATE since Sept. 1983 (25 years). At this point in the recession, though, the job losses are more important than the unemployment rate.

According to economists, the US would have to ADD jobs each month to keep the unemployment rate stable. Since we're not expecting to add jobs anytime soon, the unemployment is expected to peak between 9.5 or 10%.

Some Major job loses by industry:

149,000 Manufacturing
110,000 Construction
47,000 Retail

Some Major job GAINS by industry

72,000 Govt (66k for '10 census)
15,000 in Education & Health Care

Filed under: Ali Velshi • Unemployment
soundoff (2 Responses)
  1. Victor Figueroa

    So We Should be happy?
    I hope the trend continues though.

    May 8, 2009 at 1:47 pm |
  2. Milton Smith

    Turning oil and coal into carbon fibre and using it as the back bone of American economy is the first step in evolutionary economic thinking. Replacing everything with carbon fibre would be the first step in reality thought. Philosophy upgrades would follow.

    May 8, 2009 at 12:12 pm |