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Glimmer of hope as layoffs slow down
By Eannine Aversa |
May 9, 2009, Saturday
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Print Edition
Print Edition
THE pace of layoffs in the United States slowed in April, with employers cutting 539,000 jobs, the fewest since October's 380,000. But the unemployment rate climbed to 8.9 percent, the highest since late 1983, with many businesses wary about hiring.
The Labor Department tally released yesterday wasn't nearly as deep as the 620,000 job cuts economists were expecting, and was helped by a burst of government hiring. The rise in the unemployment rate from 8.5 percent in March matched economists' forecasts.
The report underscored the toll the longest recession since World War II has taken on America's workers and companies. However, the slowdown in layoffs may bolster expectations that the worst of the downturn's hefty job losses are past.
"There are glimmers of hope. We are moving in the right direction in terms of layoffs. They are measurably less bad than what we've been through," said Mark Zandi, chief economist at Moody's Economy.com.
Still, companies will remain cautious in hiring, making it harder for laid-off workers to find new jobs.
If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 15.8 percent in April, the highest on record since 1994. The total number of unemployed now stands at 13.7 million, up from 13.2 million in March.
Companies also kept a tight rein on workers' hours. The average working week in April stayed at 33.2 hours, matching the record low set in March.
Since the recession began in December 2007, the economy has lost a net total of 5.7 million jobs.
As the recession eats into sales and profits, companies have turned to layoffs and other cost-cutting measures to survive the storm. Those included reducing workers' hours and freezing or cutting pay.
Job losses in February and March turned out to be deeper, according to revised figures.
Employers cut 681,000 positions in February, 30,000 more than previously reported. They cut 699,000 jobs in March, more than the 663,000 first reported.
The deepest job cuts of the recession came in January at 741,000. That was the most since the autumn of 1949.
The Labor Department tally released yesterday wasn't nearly as deep as the 620,000 job cuts economists were expecting, and was helped by a burst of government hiring. The rise in the unemployment rate from 8.5 percent in March matched economists' forecasts.
The report underscored the toll the longest recession since World War II has taken on America's workers and companies. However, the slowdown in layoffs may bolster expectations that the worst of the downturn's hefty job losses are past.
"There are glimmers of hope. We are moving in the right direction in terms of layoffs. They are measurably less bad than what we've been through," said Mark Zandi, chief economist at Moody's Economy.com.
Still, companies will remain cautious in hiring, making it harder for laid-off workers to find new jobs.
If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 15.8 percent in April, the highest on record since 1994. The total number of unemployed now stands at 13.7 million, up from 13.2 million in March.
Companies also kept a tight rein on workers' hours. The average working week in April stayed at 33.2 hours, matching the record low set in March.
Since the recession began in December 2007, the economy has lost a net total of 5.7 million jobs.
As the recession eats into sales and profits, companies have turned to layoffs and other cost-cutting measures to survive the storm. Those included reducing workers' hours and freezing or cutting pay.
Job losses in February and March turned out to be deeper, according to revised figures.
Employers cut 681,000 positions in February, 30,000 more than previously reported. They cut 699,000 jobs in March, more than the 663,000 first reported.
The deepest job cuts of the recession came in January at 741,000. That was the most since the autumn of 1949.
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