Unemployment Hits 8.9%

This is the highest unemployment in the United States since 1983. But the media has found a way to turn this into good news….you know….only a few more than half a million Americans lost their jobs last month. Woo Hoo!

WASHINGTON (Reuters) – U.S. employers cut 539,000 jobs last month, the fewest since October, according to government data on Friday that signaled the economy’s steep decline may be easing.

The unemployment rate, however, soared to 8.9 percent, the highest since September 1983, from 8.5 percent in March and job losses in March and February were a combined 66,000 steeper than previously estimated, the Labor Department said.

A big 72,000 jump in government payrolls tempered the overall job-loss figure. Private sector employment fell by 611,000 in April after a 693,000 job decline in March.

Still, the data was not as bleak as financial markets had expected and it offered the freshest sign that the intensity of the recession was starting to fade. U.S. stocks rose at the open.

“It’s all going to add to the conviction that the economy is approaching bottom,” said Pierre Ellis of Decision Economics in New York.

I thought all the porkulus spending was supposed to put an end to job losses once and for all! That’s why the bill was passed without anyone having a chance to read it, right?  I have an idea, we can check to see where all the porkulus money went, and then we’ll know if any jobs will be created. Sorry, my bad. That information isn’t available. All we can do now is hope for change.

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