Saturday, May 9, 2009

Jobless Rate Still Rising, But Not As Fast

The New York Times - The American job market remains dreadful and is still worsening, but at a slower pace than before — good news given the stomach-churning events of recent months. The government’s monthly employment report buoyed hopes that the longest, most punishing recession since the Great Depression may be relenting.

The numbers for April looked good only by comparison with recent months, with February’s net job loss revised up to 681,000, from 651,000, and March’s net losses revised up to 699,000, from 663,000. The rise in the unemployment rate, from 8.5 percent in March, was mostly because more people began seeking jobs who had not previously been looking for work

Those holding more optimistic outlooks focus on the government-led initiatives to stimulate the economy. A $787 billion spending and tax cut package is beginning to wash through the economy. The Federal Reserve and the Treasury have been pouring money into mortgage markets and other areas, bringing down the costs of borrowing..

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