Today’s papers tout that April’s job losses aren’t quite as bad as feared. One possible exception to that would be if you’re the one affected.

U.S. employers cut only 20,000 jobs in April – some economists had predicted four times that number. That gap’s not surprising considering all the announced corporate layoffs, particularly in the automotive and financial sectors, but some of these won’t go into effect immediately.

April marked the fourth consecutive monthly decline, according to the NY Times. The unemployment rate dropped from 5.1% to 5%, not a big drop, but given that under 5% is a proxy for healthy national employment, these numbers matter in an election year.

Just recently, AT&T said it would layoff 3,550 workers; United Airlines said it would release 1,100 by year’s end; and Citigroup would trim another 7,000 jobs. Even the tech sector expects further cuts with announcements by Yahoo and AMD among others.

When economists look under the hood they find that Americans are working longer hours for less pay and salaries aren’t keeping up with inflation.

Are conditions ripe for a third Bush term? Just kidding, there’s a rule banning third terms, but none preventing candidates from continuing the policies of a sitting president. I want to hear from those of you who feel we’re headed in the right direction and why. And from those of you don’t.