U.S. sheds fewest jobs in 6 months (Classic Reuters spin on Obama's 8.9% unemployment news)

Yahoo News ^ | 8 May 2009 | Lucia Mutikani

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WASHINGTON (Reuters) – U.S. employers cut 539,000 jobs last month, the fewest since October, according to government data on Friday that signaled the economy's steep decline may be easing.

The unemployment rate, however, soared to 8.9 percent, the highest since September 1983, from 8.5 percent in March and job losses in March and February were a combined 66,000 steeper than previously estimated, the Labor Department said.

A big 72,000 jump in government payrolls tempered the overall job-loss figure. Private sector employment fell by 611,000 in April after a 693,000 job decline in March.

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That's just brilliant headline writing. Imagine the spin if unemployment hit 8.9% under Bush. End of the world type headlines, rather than happy face news.

Oh yeah, and in the world of Reuters, 72,000 new stooges on the government payroll is good news. Guess who's wallet their paycheck is coming out of?

[MNlurker]

LOL!!!!!!!!!!!!!!!!!!!! That title just made my laugh for the day.

[Daveinyork]

Nixon said during his recession that things were getting worse slower.

[EGPWS]

U.S. employers cut 539,000 jobs last month, the fewest since October, according to government data on Friday that signaled the economy's steep decline may be easing.

98% of them in blue states. (less government jobs)

[DonaldC]

I agree the headline is a laugh.

Maybe there is some good news somewhere, but I just don’t see this train wreck slowing down. The gov pooched manufacturing a long time ago, they have pooched the financial sector and are working to pooch healthcare. I just don’t see anything improvement can build upon and quite frankly am surprised it is holding where it is and not going down even faster.

[PogySailor]

Ha!

Losses in April were tempered by a big 72,000 jump in government payrolls and overall, private sector employment fell by 611,000 last month.

Jobless rate shoots to 8.9%

[BobinIL]

signaled the economy's steep decline may be easing.

In other words, the economy's steep decline is declining less steeply. That makes me waaayyy more confident. Sheeeess

[MNlurker]

Put them in charge of the Titantic sinking and they’d call it “Titanic sinking far slower than expected”.

[EGPWS]

In other words, the economy's steep decline is declining less steeply.

In Minnesota, for a DFL politician, THAT is considered a budget surplus awaiting a government program to be spent on!

[MNlurker]

And the market is up over 129 points now...I just don’t get it.

[Go Gordon]

A big 72,000 jump in government payrolls tempered the overall job-loss figure. Private sector employment fell by 611,000 in April

Hello - McFly!!!!

[Go Gordon]

In other words, the economy's steep decline is declining less steeply. That makes me waaayyy more confident. Sheeeess

The numbers include government hiring 72k people. The economy lost 611k jobs.

[radioone]

If these businesses only see higher taxes and more government regulations, the retrenchment will continue. Who is John Galt?

[KeyLargo]

Sort of like the captain of the Titanic saying yes the ship is sinking, but not as fast as we first thought.

Obama: The Sinking Ship

Even the Main Stream Media realizes the disaster they have brought onto America, but they will still try to bail the behemoth out. Perhaps we need to send them more tea bags? They’ll have plenty of water.

[genghis]

And the market is up over 129 points now...I just don’t get it.

You are not alone. Everything i see is complete cluster #@$^, and i am stunned dow is not at 4000.
Those 10 year bonds at 3.3% don’t seem like a good investment either.

[RC one]

I saw this in this month's employment situation report: "The change in total nonfarm employment for February was revised from -651,000 to -681,000, and the change for March was revised from -663,000 to -699,000. Monthly revisions result from additional sample reports and the monthly recalculation of seasonal factors." As you see, governments statistical error rate is increasing by 3,000 lost jobs per months; therefore, next month, we can expect to see that 653,000 jobs disopeared in April. That's a difference of 46,000 jobs between March and April. how many temporary government census jobs were added in April? 66,000!!! What happens then in May when those temporary workers are asking for unemployment? Perhaps they can get government jobs throwing rose petals before Obama's feet?

[RC one]

and gold is trading lower. It’s all upside down.

[woodbutcher1963]

As much as WE all do not like Obama’s politics. The stock market has made a bottom. Oil made a bottom. The housing market is bottoming out(homebuilder stocks are up 50 % or more from their lows). The Asian economies are up(notice other thread today about auto sales in China).

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Nixon said during his recession that things were getting worse slower.

Many years ago, I worked for UPS. They were in the middle of a big safety campaign to cut down on workplace accidents in their loading/unloading areas.

The location with the least number of accidents was acknowledged as "The Best in Safety".

The location with the most accidents was awarded the title "Least Best in Safety."

Unemployment is currently "Least Best" in a quarter century.

[Nokia]

“As much as WE all do not like Obama’s politics. The stock market has made a bottom. Oil made a bottom. The housing market is bottoming out(homebuilder stocks are up 50 % or more from their lows). The Asian economies are up(notice other thread today about auto sales in China)”

Agree, I think now is the time to get back in heavy.
To hell with politics..........I like money.