Unemployment Rate Rises to 8.9 Percent

The unemployment rate for April rose from 8.5 to 8.9 percent according to the Employment Situation Summary released this morning. According to the report, job losses were large and widespread across nearly all private-sector industries. Overall, the number of unemployed persons has risen to 6 million in the past 12 months.

On a more positive note, according to an article on NPR.org, "the easing of job losses surprised most economists and broke a five-month streak of payrolls shedding 600,000 or more jobs, a possible sign that the recession is bottoming out."

Most economists believe it will be months before the unemployment rate falls or even stabilizes. It is a promising sign however, that the rate seems to be slowing.

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