Technology with attitude

539,000 Jobs Lost In April

0

This is actually good news since folks were expecting 620,000 jobs lost. Still, even if this begins to slow down even more, we’re likely to see double digit unemployment before this is all over. Because the unemployment rate is at 8.9% right now.

Also, let’s not forget the the underemployment numbers

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. The total number of unemployed now stands at 13.7 million, up from 13.2 million in March.

Traditionally, underemployment is a better gauge of where the economy is at, so until that starts dropping significantly, it’s unlikely we’re really out of a recession.

Some more numbers…

Companies also kept a tight rein on workers hours. The average work 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.

More next month…