🖤 Donations of all sizes power our public service journalism Give Now

April rains on U.S. jobs numbers

Ashley Milne-Tyte May 2, 2007


SCOTT JAGOW: April may have been positive for the stock market, but the tone was negative for corporate payrolls. More than 70,000 job cuts were announced last month — that’s an 18-percent increase from last year. Ashley Milne-Tyte reports.

ASHLEY MILNE-TYTE: Nearly half the losses came from the financial services industry — notably Citigroup, which announced it was laying off 17,000 people.

There were also heavy losses blamed on the meltdown in the sub-prime mortgage industry. John Challenger is CEO of the outplacement firm Challenger, Gray and Christmas:

JOHN CHALLENGER: What we’re starting to see is the slowdown that’s affected the GDP — which is now down below 1.5 percent — start to impact other sectors of the economy than housing or automotive.

MILNE-TYTE: Challenger says the flurry of private equity deals could mean a lot more job cuts in the months ahead. A separate survey this morning reported that April job growth was the weakest in four years.

In New York I’m Ashley Milne-Tyte for Marketplace.

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.