RECESSION?:

Employers cut fewer jobs in April, jobless rate falls (Associated Press, May 2, 2008)

Employers cut far fewer jobs in April than in recent months and the unemployment rate dropped to 5 percent, a better-than-expected showing that nonetheless still revealed strains in the nation's crucial labor market. [...]

The latest snapshot of the nationwide employment conditions -- while clearly still weak -- was better than many economists were anticipating. They were bracing for job cuts of 75,000 and for the unemployment rate to climb to 5.2 percent.

The unemployment rate, derived from a different statistical survey than the payroll figures, fell to 5 percent from 5.1 percent in March. That survey showed more people finding employment than those who didn't.