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April Brings Job Cuts

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20,000 jobs were lost in April, according to a government report; however, this loss was less severe than some economists had expected. Among the industries hit hardest by the job cuts were manufacturing and construction, which together lost almost 110,000 jobs in April. What's more, employees appear to be working less and earning less. According to Jared Bernstein from the Economics Policy Institute in Washington, "Recessions in the job market don't just hurt people who get laid off; they hurt incumbent workers by taking a big bite out of their hours and wages."

"The softening of the job market has taken a major bite out of wage growth," Bernstein said.

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