The worst is over! Or, the end is nigh! I have no idea, but suspect i’m in good company…
U.S. employers cut a smaller-than-expected 539,000 jobs in April, the smallest amount since October, according to government data on Friday that hinted at some improvement in the labor market and the recession-hit economy.
March’s payrolls figure was revised to show a decline of 699,000, compared with a previously reported drop of 663,000. Job losses in February were bumped up to 681,000 from the previously estimated 651,000.
Analysts polled by Reuters had forecast non-farm payrolls dropping 590,000 in April.
Despite being out in their estimate by not much more than the previous months numbers were revised, this change of rate of decline(!) “hinted at some improvement”.
Here’s another idea: with the jobless rate at a 25 year high, the number of jobs that can be immediately axed without damaging the long term health of enterprises is fast approaching. All the fat, the reserves for future growth, are being trimmed away, and what follows will be more akin to weightloss via amputation.