WKYT | Lexington, Kentucky | News

Layoffs Slow in April; Jobless Rate Rises

WASHINGTON (AP) - The pace of layoffs slowed in April, with
employers cutting 539,000 jobs, the fewest in six months. But the
unemployment rate climbed to 8.9 percent as many businesses
remained wary of hiring given all the economic and financial
uncertainties.
The Labor Department tally wasn't nearly as deep as the 620,000
job losses that economists were expecting. The rise in the
unemployment rate from 8.5 percent in March matched economists'
forecasts.
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 records
dating back to 1994.
Stock futures are extending their gains in the aftermath of the
jobs report.
Futures were already rising on the results of the government's
stress tests of banks. The government says 10 of the 19 largest
U.S. banks must raise about $75 billion in new capital - less than
some had feared.


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