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Bloomberg: Joblessness Probably Rose to 25-Year High

May 3 (Bloomberg), by Shobhana Chandra, U.S. Economy Preview – “Unemployment in the U.S. probably climbed in April to a 25-year high, showing the labor market will be one of the last areas to emerge from the worst recession in at least 50 years, economists said before reports this week. The jobless rate jumped to 8.9 percent last month from 8.5 percent in March and employers cut at least 600,000 workers from payrolls for a fifth straight time, according to the median estimate in a Bloomberg News survey ahead of a May 8 Labor Department report. Other figures may show service industries shrank at a slower pace.”

  • See also: “Economic activity in the manufacturing sector failed to grow in April for the 15th consecutive month, and the overall economy contracted for the seventh consecutive month, say the nation’s supply executives in the latest Manufacturing ISM Report On Business®.”
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