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U.S. Jobless Rate Hits 8.9%

Jakarta, Financeroll.com – The Bureau of Labor Statistics reported that the unemployment rate surged to 8.9 percent in April, its highest point in a generation. But some economists saw glimpses of a bottom in the latest grim accounting of job losses.

The economy, while still bleeding hundreds of thousands of jobs, is starting to lose them at a slower pace, offering the latest hint that the recession is bottoming out. Economists were expecting job losses of 600,000 in April, and predicted the unemployment rate would rise to 8.9 percent from 8.5 percent in March.

The United States economy lost 539,000 jobs in April, the government reported on Friday, a sign that the relentless pace of job losses was starting to level off slightly.


US April payrolls fall 539,000

U.S. employers cut a smaller-than-expected 539,000 jobs in April, the smallest amount since October, according to government data on Friday that hinted at some improvement in the labor market and the recession-hit economy.

March's payrolls figure was revised to show a decline of 699,000, compared with a previously reported drop of 663,000. Job losses in February were bumped up to 681,000 from the previously estimated 651,000.



Seoul shares end firm after choppy trade
Stock Market

Seoul shares ended firmer after a volatile session that saw the main index move in and out of positive territory on Friday, before the release of U.S. jobs data keeping investors in check, but insurers rose.

The Korea Composite Stock Price Index (KOSPI) finished up 0.79 percent at 1,412.13 points. The KOSPI was in overbought territory according to its 20-day relative strength index.

The number of jobs U.S. non-farm payrolls shed last month will enter the spotlight on Friday as investors try to gauge whether the end of a deep recession is in sight.

Samsung Fire & Marine Insurance Co Ltd rose 5.71 percent, while Hyundai Marine & Fire advanced 4.05 percent. Samsung Fire on Friday forecast 3.6 percent growth in its net profit to 620 billion won ($491 million) in the fiscal year ending next March from the previous year.

Meanwhile, shares in Hyundai Engineering & Construction jumped 6.31 percent after news that seven South Korean banks sold a stake in the company in a block deal at the high end of their offered range.

But a stronger won continued to weigh on some exporting issues on concerns it may dent the price competitiveness of South Korean goods.

Hyundai Motor, South Korea's top carmaker, ended down 1.65 percent, and Hynix Semiconductor, the world's No.2 memory chipmaker, retreated 1.07 percent.