U.S Jobless Rate Climbs to 8.9 Percent

[Hissyspit]

Source: National Public Radio

U.S. Jobless Rate Climbs to 8.9 Percent

NPR.org, May 8, 2009 · The nation's unemployment rate surged to 8.9 percent in April, its highest level in more than 25 years, but the 539,000 jobs shed represented the fewest losses in six months, the Labor Department said Friday.

The figure was up from March's 8.5 percent rate but the easing of job losses surprised most economists and broke a five-month streak of payrolls shedding 600,000 or more jobs, a possible sign that the recession is bottoming out.

But companies remain cautious and many laid off Americans are finding it tough to find new work. On Thursday, the Labor Department reported a record number of people receiving state unemployment benefits.

DuPont Co. and Microsoft Corp. were among the companies this week that said more staff cuts might be needed.



Read more: http://www.npr.org/templates/story/story.php?storyId=103929070

[OhioChick]

1. It's much, much higher than that.

They don't take into account all of those who do not qualify for unemployment any longer and cannot find employment.

[JonLP24]

9. If I could recommend posts I'd recommend yours

So true.

[earthside]

2. The 'Recovery' is Underway!

At least that seems to be the response of the gamblers at the Wall Street casino. The Dow is up over a hundred points!

But this is a 'bizarro world' recovery.

Unemployment 'officially' is getting worse (the 'revised' numbers for February and March are bigger). The mega-banks are still insolvent. GM wants to manufacture half its cars overseas. Consumer credit plunged by $11 billion in March. The price of a gallon of gasoline is at least $2.25.

The disconnect between regular Americans and the con artists in Washington and on Wall Street is getting wider.

I'm sensing increasing amounts of anger here, among my colleagues, other comments on the internet, in letters-to-the-editor ... over the pollyanna view of Washington insiders and Wall Street 'experts' ... while things are clearly getting worse out here in real America.

Frankly, the more I hear this talk of "forming a bottom" and that there will be growth in the second half of the year and see the stock markets 'surge' on bad news ... the more worried I get.

[lunatica]

3. CNN says for than 5 million have lost their jobs

The new numbers are that only 550,000 lost jobs in April and they're acting as if that's good news.

[Doremus]

4. U-6 is 15.8%

http://www.bls.gov/news.release/empsit.t12.htm

[blue_onyx]

5. "a possible sign that the recession is bottoming out."

I don't think so. I think the offical number will at least hit 10%. Chrysler just went bankruptcy. GM will be bankruptcy by June 1st. We have quite a ways to go before we bottom out.

[ChromeFoundry]

6. I don't buy that the recession is bottoming out, either. n/t

[SOS]

7. Highest unemployment since 1983

Looking good!

[Fool Count]

8. The most curious thing is that the Fed forecasts a decline

of only between 0.5 and 1.3% in US economy in 2009. With unemployment
growing from 5% to 9%, the total workforce is now down by over 4%.
Yet somehow the economy is less affected. Either those laid off
4% were not doing much or they are planning to force those still
employed to work much harder for their salaries. Of course, another
possibility is that the Fed's projection is but a huge pile of crap
sucked out of their fingers by a platoon of so-called "economists"
who believe that "positive thinking" may affect the real economy.