U.S Jobless rate jumps to 8.9%

MarketWatch -The unemployment rate jumped to a 26-year high of 8.9% in April as the U.S. economy shed 539,000 more jobs, the Department of Labor reported Friday.

The nonfarm payrolls report was largely as expected, reflecting a slight easing in the pace of massive job destruction that had averaged 680,000 over the previous five months. Since the recession began in December 2007, payrolls have fallen by 5.7 million, or 4.1% of payrolls, the largest percentage decline since the 1958 recession.


















April's loss of 539,000 jobs was the smallest decline since October's 380,000. However, job losses in February and March were revised higher by a total of 66,000.

"It is a sobering toll," said President Barack Obama. "We're still in the midst of a recession that was years in the making and will be months or even years in the unmaking; and we should expect further job losses in the months to come."

Job losses were widespread across industries in April. The only sectors adding jobs were health care and government, which was boosted by the hiring of temporary workers to prepare for the census next year. Private-sector employment fell by 611,000.