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The unemployment rate hit a 25-year high in April, but there were signs of hope as the monthly job loss total fell to the lowest level in six months.The Labor Department reported Friday that employers cut 539,000 jobs from payrolls in the month. That's an improvement from the revised reading of 699,000 that were lost in March, and the best reading since October, when the economy shed 380,000 jobs.
Still, that brings job losses since the start of 2008 to 5.7 million. And even some economists who believe that economic growth and an end to the recession are close at hand project that job losses could continue through the end of the year or into 2010.
Experts cautioned against expecting the economy to start adding jobs again in the near term.
Wachovia senior economist Mark Vitner and Gilliam both say they're worried about the impact on jobs in coming reports from the bankruptcy at Chrysler, which will result in a 30-to-60 day shutdown at all of its plants, and the possible bankruptcy at General Motors (GM, Fortune 500).
The loss of jobs -- not just at those companies but at their dealers and suppliers -- will be substantial.
And Vitner said that while Wachovia is projecting that there will be economic growth by the fourth quarter of this year, it's projecting that unemployment will continue to rise into 2010, topping out at 10.8% in April of that year.
"We are moving in the right direction, but the recession is not over, and even when it's over that's not an end of the tough times," said Vitner.
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