The BLS just issued it's report for April 2009 and the news isn't that bad. The number of jobs lost was a less than expected 539,000, but the rate (U-3) did rise to the expected 8.9%. The good news in this report is that U-6 only went up .2% (less than U-3), which implies that less people are discouraged with the job market and are trying to re-enter the workforce.
BLS Report
Link to Alternative Unemployment Measures
Of course the other thing a good unemployment report likely means is a restart of inflation and a continued trend towards higher interest rates, both of which may very well cause any recovery to be shallow at best (and may actually cause a double dip recession).
The real problem going forward (besides the inflation and unemployment I mentioned above) will be the increases in efficiency and technology that have already eliminated many of the "lost" jobs on a permanent basis. That coupled with the fact that many of the financial jobs that were lost are simply not coming back will cause any job recovery to be very slow (and likely could keep the unemployment rate elevated past 2010 and beyond).
Finally, the real wild card here is the savings rate, as if it continues to climb towards more historic averages (7%+, which is good in the long run) the economic recovery will be very sluggish and cause further distress over the next few years until it stabilizes.
Next month will be a real test, as one month does not a trend make.