Friday, May 8, 2009

8.9%

But, wait, it's good news:
A year ago, the loss of more than half a million jobs in a single month would have seemed like a disaster for the economy. On Friday, experts were calling it an improvement.

The Bureau of Labor Statistics reported that the unemployment rate surged to 8.9 percent in April, its highest point in a generation. But some economists saw glimpses of a bottom in the latest grim accounting of job losses. The economy, while still bleeding hundreds of thousands of jobs, is starting to lose them at a slower pace, offering the latest hint that the recession is bottoming out.

Before you get too excited:
Many economists expect businesses to cut an additional two million jobs before the economy begins growing again and the unemployment rate begins to ebb, probably sometime in 2010. Any recovery that takes hold is expected to be long and faltering, but economists expressed hope that the worst losses were ending.

Not the best time to be looking for a job.