The nation's unemployment rate edged up to 4.5 percent in April as cautious employers added the fewest new jobs in more than two years, signaling that the labor market is starting to feel some of the strain of the sluggish economy. The fresh employment picture provided by the Labor Department on Friday showed that payrolls grew by just 88,000 last month as job losses spread beyond manufacturing and construction and into retailing and financial services. Workers' paycheck also grew more slowly. The new tally of jobs added to the economy was the fewest since 65,000 jobs in November 2004.
See "Jobless Rate Rises As Hiring Slows", Jeannine Aversa, Chicago Tribune, May 3, 2007