U.S. lay-offs slow down, jobless rate still high

U.S. employers cut 539-thousand jobs in April, the fewest since October, according to government data.

The report released by the Labor Department on Friday signaled the economy's steep decline might be easing and gave the stock market a boost.

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However, it shows the jobless rate last month rose to 8.9 percent, the highest since late 1983.

President Barack Obama said the data shows that there have been "somewhat encouraging" improvements in the country's stricken labor markets.

He said the job losses, however, were still a sobering toll.

Barack Obama, US President, said, "It underscores the point that we're still in the midst of a recession that was years in the making and will be months or even years in the unmaking; and we should expect further job losses in the months to come."

According to Friday's report, private sector employment fell by 611-thousand in April. This follows a 693-thousand decline in March.

But a 72-thousand jump in government payrolls moderated the overall job-loss figure.