SEARCH BLOG: ECONOMY
It feels so much better since you stopped beating me as much....
US sheds 345,000 jobs in May..
By Alan Rappeport in New York
Published: June 5 2009 13:57 | Last updated: June 5 2009 15:12
The US economy shed 345,000 jobs in May, bringing the unemployment rate to a 26-year high of 9.4 per cent, but offering a clear sign that the pace of job cuts is slowing, official figures revealed on Friday.
The latest non-farm payrolls data were much better than the drop of 525,000 that economists were expecting and was nearly half of the average monthly job losses during the last six months. Although the number remains painfully high, it is a sharp improvement from April’s revised 504,000 and offers hope that the economy’s free-fall could be ending.