US Unemployment rate close to 9%

The Non-Farm payroll report released this morning revealed that the United States economy lost 539,000 jobs in April leaving the unemployment rate at 8.9%. The number of lost jobs was less than forecasted and compared to last months figures (699,000) might be a sign of economic recovery as the rate of decline is being reduced as is expected less employers reduce positions going forward.

Policy makers and analysts are beginning to declare this looks like the beginning of a turn as more fiscal and monetary stimulus packages have been put in place.

Factory and constructions jobs lost more than 149,000 and 110,000 while services decreased by 269,000. Even if the rate of decline has slowed down, analysts are still forecasting a 9.5% unemployment figure by the end of 2009.In comparison Canada posted a gain of 36,000 jobs in a government report also released this morning. Most of the gains are increases of selfemployment, but the unexpected gain has kept the unemployment rate at 8% after analysts forecasted higher figures that could drive the rate to 8.3%.

Fore more US and International employment data check FXEconostats

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