Special Report:  Global Financial Crisis

    BEIJING, May 9 -- U.S. employers cut 539-thousand jobs in April, the fewest since October, according to government data.

    The report released by the Labor Department on Friday signaled the economy's steep decline might be easing and gave the stock market a boost.

U.S.President Barack Obama listens as Maureen Pike tells her job training story at the Eisenhower Executive Office Building in Washington, May 8, 2009. (Xinhua/Zhang Yan) Photo Gallery>>>

    However, it shows the jobless rate last month rose to 8.9 percent, the highest since late 1983.

    President Barack Obama said the data shows that there have been "somewhat encouraging" improvements in the country's stricken labor markets.

    He said the job losses, however, were still a sobering toll.

    Barack Obama, US President, said, "It underscores the point that we're still in the midst of a recession that was years in the making and will be months or even years in the unmaking; and we should expect further job losses in the months to come."

    According to Friday's report, private sector employment fell by 611-thousand in April. This follows a 693-thousand decline in March.

    But a 72-thousand jump in government payrolls moderated the overall job-loss figure.

    Labor Secretary Hilda Solis said concerns remained regarding the high unemployment numbers.

    Hilda Solis, US Labor Secretary, said, "We have to be vigilant, we have to do everything in our power here at the Department of Labor and the other agencies to make sure that there is relief provided, that people can at least have a semblance of hope to find a new job, perhaps."

    Meanwhile, stocks soared on Friday as Wall Street cheered the news that job losses appeared to be slowing and big banks don't need as much capital as some had feared.

    Bank shares helped drive the gains following the release of the governments'"stress tests" late Thursday.

    Still, despite the rally, the chief economist at Standard and Poor's said the economy cannot make a real recovery until people get back to work.

    David Wyss, Chief Economist, Standard & Poor's, said, "Well, the big problem for the economy is that when people don't have jobs, they don't have money to spend. On top of that, when they're worried about getting laid off, even if they've got money they don't want to spend it, they like to keep it in the bank just in case, so it makes it very hard to get any kind of recovery going. We need to see a stabilization in the job numbers so that people's fears of becoming unemployed diminishes."

    According to the Labor Department, since the start of the recession in December 2007, the U.S. economy has lost 5.7 million jobs.

    (Source: CCTV.com)

Obama says jobless number sobering but sees progress

U.S.President Barack Obama, followed by Sharon Arnold, a representative from small business, steps in to deliver remarks on job creation and job training at the Eisenhower Executive Office Building in Washington, May 8, 2009. (Xinhua/Zhang Yan) Photo Gallery>>>

    WASHINGTON, May 8 (Xinhua) -- U.S. President Barack Obama said Friday that latest job loss data was "sobering," but he noted that there have been "somewhat encouraging" improvements in the economy.

    "While it's somewhat encouraging that this number is lower than it's been in each of the past six months, it is still a sobering toll," said Obama after the government reported that the jobless rate climbed to 8.9 percent in April, the highest since late 1983. Full story

U.S. pace of job losses slows to 539,000 in April

    WASHINGTON, May 8 (Xinhua) -- The pace of job losses in the United States slowed in April to 539,000, the fewest in six months, but the jobless rate climbed to 8.9 percent, the highest since late 1983, the Labor Department reported Friday.

    The April reading for job losses was not as deep as the 620,000layoffs expected by analysts but the increase in the unemployment rate matched their forecasts. Full story

Wall Street rises on upbeat jobless data, stress test results 

    NEW YORK, May 8 (Xinhua) -- Wall Street settled sharply higher on Friday, after the U.S. government reported fewer job losses in April than market forecast and bank shares were boosted by stress test results.

    The U.S. Labor Department posted on Friday that employers cut 539,000 jobs last month, the fewest in six months. It is a big improvement from a revised 699,000 job losses in March and less than the loss of 610,000 jobs analysts had expected. But the unemployment rate climbed to 8.9 percent, the highest since late 1983. Full story

Gold edges lower as unexpected job data ease economic worries

    CHICAGO, May 8 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange ended slightly lower on Friday after gaining for 4 straight sessions this week, as the economy concerns were further mollified by better-than-expected job data. Silver and platinum fell, too.

    Gold price for June delivery dropped 60 cents, or 0.5 percent, to settle at 914.90 U.S. dollars an ounce. Full story

Crude prices top $58 on better-than-expected unemployment data

    NEW YORK, May 8 (Xinhua) -- Crude prices topped 58 U.S. dollars a barrel on Friday as better-than-expected unemployment data boosted optimistic expectations on energy demand.

    The U.S. Labor Department said that employers cut 539,000 jobs in April. That was less than expected and the smallest reduction in six months. However, the U.S. unemployment rate climbed to 8.9 percent, the highest since late 1983. Full story