Jobless Rate Hits 9.4 Percent in May; Layoffs Slow

Employers slashed jobs at a much more measured rate than expected in May, even as the unemployment rate soared above 9 percent for the first time in 26 years, the Labor Department said today.

According to data that simultaneously show how deep the recession has become and offer hope that it might taper off in the months ahead, a net total of 345,000 net jobs were cut in May -- terrible by most standards but the smallest rate of job loss since September.

Economists had expected a much worse loss, of as many as 525,000 jobs. The Labor Department also said that April job losses were somewhat less severe than originally reported.

Read Full Article from Washington Post

- Posted: 2009-06-05 10:03:57

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