U.S. workers lost jobs at a devastating rate again in April, but the expected loss of 580,000 would be least bad since October, economists said.

Compared with what the economy has just seen, 580,000 lost jobs might look good. But in absolute terms, it’d be horrible. Aside from the current recession, it would be in percentage terms the eighth worst month for job losses in the past 50 years.

Meanwhile, according to economists surveyed by MarketWatch, the unemployment rate is expected to rise another half percentage point to a 26-year high of 9% with little end in sight.

The April employment report will be the highlight of a week that’s relatively light for economic data. The jobs numbers will be released at 8:30 a.m. on Friday.

Source/Full Story:: MarketWatch

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