Disappointing Picture of the Labor Market
LEMON: Straight to the NEWSROOM now, several developing stories, T.J. Holmes on top of it for us. What do you have, T.J.?</s>T.J. HOLMES, CNN CORRESPONDENT: First, we want to take you to a live picture out of Brooklyn, New York. This is the Dyker Heights neighborhood section of Brooklyn, where, apparently, right now a person is trapped, after a trench collapsed. This is information coming to us from WABC, as well as this live picture coming to us from our affiliate WABC. But they are reporting on their Web site information that a worker was working in this trench when it just collapsed. You can see a good collection, a -- looks like a large crowd even, but a lot of emergency workers there, trying feverishly and working hard to try to get this worker out -- again, this information coming to us WABC -- apparently, a man trapped in there. This hole that he is in now is some eight feet deep and three feet wide. Reports of this came in not too long ago, about a half- hour or so ago. So, it doesn't seem like he's been there too long, but, certainly, a lot of people there working pretty hard, trying to get this worker out. Don't know about what kind of condition he may be in, if they are able to communicate with him. It's just a matter of trying to find a way to get him out, but don't know if he will need to be tended to medically and what kind of shape he's in. But this is something we're keeping an eye on, this live picture here. Don't have a wider shot or get a different or bigger or wider perspective of this area. But right now we know that a trench has collapsed, and it appears that at least one worker is trapped down there. We're keeping an eye on that for you.</s>LEMON: All right, T.J., you got another story, don't you, another developing story, as well?</s>HOLMES: OK, yes. We're sticking with the -- moving now to the total opposite coast, moving out to the San Diego area, and moving to California, to Vista, California, specifically. This is about 40 miles or so just north of San Diego, where we know that three schools are right now in lockdown in the area of Olive Elementary School. That's one of the main ones here in this area -- but three schools we know of in lockdown, keeping everybody in place, because of reports of someone with a gun that was around the school -- no reports of a gun in the school, this person having anything to do with the school. But the report is that someone had a gun, and they were somewhere in the area of the school. The schools have been locked down, three of them, just as a precaution. Right now, police believe this person may have a rifle. Right now, again, no shots being fired, no one injured, no one shot, but just the police taking precaution, because reports of somebody with a weapon, with a gun, that is somewhere near these schools. Schools are in lockdown. Just want to keep you abreast of what's going on out there, and give you any kind of update we may get -- but, right now, again, not anybody with a gun in the school, anything affiliated with the school, associated, just police taking precaution, because someone was spotted with a gun near the school. So, we're keeping an eye on both those things for you -- Don.</s>LEMON: All right, school problems in California, and then also a trench collapse in New York -- T.J. Holmes on top of both of them. We will check back if you get some more information. Thanks,</s>T.J. HOLMES: Sure thing.</s>ROESGEN: In business news, a new report -- we have been hearing for some time now that the economy is slowing. And the latest jobs report doesn't look very good. Felicia Taylor is at the New York Stock Exchange -- Felicia.</s>FELICIA TAYLOR, CNN CORRESPONDENT: Hey, Susan. The monthly jobs reports is one of the most important economic reports we get. And this one does not paint a very rosy picture of the labor market. Employers added just 88,000 jobs in April. That's less than expected and the smallest amount in more than two years. In addition, job gains in February and March were weaker than originally thought. Meantime, the unemployment rate edged slightly higher to 4.5 percent. Job losses are now spreading beyond manufacturing, into retailing, construction and financial services -- Susan.</s>ROESGEN: So, overall, what does that mean, Felicia? What is next for us?</s>TAYLOR: Basically, it shows that the job market is tightening a little bit, but it's not collapsing. The unemployment rate is still very low, by historical standards. But worker pay isn't going up very much. And that actually is a good sign for inflation. Because of that, the Federal Reserve is expected to hold interest rates steady at 5.25 percent when it meets next week. Despite the coming news about inflation, it has been a somewhat choppy session on Wall Street -- the Dow industrials trying once again for another record close, up right now by 27 points, although that is off of the session's earlier highs. The Nasdaq composite, for its part, is up just fractionally by four points. That index, though, is getting a boost from an 11 percent gain in shares of Yahoo!. Microsoft is reportedly renewing its efforts to buy the search engine. Another possible deal, news provider Reuters Group says it has been approached by an unidentified third party about a takeover. Reuters shares that trade here in the U.S. are soaring 25 percent. Coming up: The Dow hit three straight record highs this week. We are going to be watching to see if today will mark a fourth. I will bring you the closing bell live in 30 minutes -- Don and Susan, back to you.</s>ROESGEN: OK. We will be waiting. Thanks.</s>LEMON: Oh, the hats, the drinks, the odds, oh, and, of course, the horses, no doubt. Look at that, Churchill Downs. Kentucky Derby, that's where it's going to happen. The 133rd Kentucky Derby surely will not disappoint. It is a race fit for a queen. That's because she's going to be there. We're live from Churchill Downs, coming up right here in the CNN NEWSROOM.