This is what passes for good news these days: According to the Wall Street Journal, while companies are still laying people off, they’re not laying off as many as they were earlier in the year.
The Journal points to this as a sign that the economy is finally stabilizing. Though, if you are one of the fewer people laid off in the last few weeks, I suppose you’d not agree.
So here’s the “good” news: Non-farm payrolls dropped 539,000 in April, according to the U.S. Labor Department. That’s better than the 699,000 drop in March.
Still, that’s a huge number of jobs lost in April. In fact, U.S. employers have shed 5.7 million jobs since the recession started in December of 2007.
The unemployment rate hit 8.9 percent in April, the highest that number has stood since September of 1983.
That last number is the key. Until uemployment goes down, the economy won’t begin a true recovery.