Are things improving in the U.S. job market? Employers cut jobs again in April -- but it's the
smallest number since last October.
A report released by the Department of Labor shows that employers cut 539,000 jobs last month,
an improvement from the steeper declines of the previous months -- causing some to say that
perhaps a turnaround has begun. As we have stated in this space numerous times in the past, we
still expect both the economy and the job market to be on much more solid ground in the last
quarter of this year. Expect more ups and downs as the economy gets going again, but we are
still hopeful that job market will grow ever stronger as the months move ahead.
Of course, with the additional job cuts, the unemployment rate in the U.S. increased from
8.3 percent to 8.9 percent -- the highest level since September 1983 -- and with more job
losses expected in the coming months, that number will likely get higher before it starts
to recede.
Furthermore, the number of persons working part time for economic reasons in April
was essentially un-changed at 8.9 million; however, the number of such workers has risen by 3.7
million over the past 12 months, according to Labor Department data.
As has ben the trend for months, the only sectors that saw a net increase in hiring were
education and health services and government employment. Construction, manufacturing, and
professional and business services saw the steepest losses.
Remember that even while there is a net loss of jobs in the economy, that does not
mean employers aren't hiring. Employers are hiring in certain sectors and areas of the
country -- but they can be more selective and take longer to find the ideal candidate, so
job-seekers need patience and persistence.
Since the "official" start of the recession in December 2007, the U.S. economy has lost
almost 6 million jobs.
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