U.S. sheds 539,000 in April, less than expected

Has the U.S. recession bottomed? Perhaps. The U.S. economy lost 539,000 jobs in April, the U.S. Labor Department announced Friday, with the nation's unemployment rate rising to 8.9 percent, but the job loss total was considerably less than expected, suggesting lay-offs may have peaked.

A Bloomberg News economists survey had forecast the economy to shed 630,000 jobs in April and the unemployment rate to hit 8.9 percent. The Economy lost a revised 699,000 jobs in March.

Economists say there are some signs the recession may be bottoming as fiscal and monetary stimulus begins to take effect, but it will likely be at least 4-6 more months before job losses subside, and the unemployment rate, a lag indicator, begins to fall.

Details to follow.
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