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U.S. unemployment hits record but job losses slow

Posted By admin On June 5, 2009 @ 9:02 am In Money Watch | Comments Disabled

Lucia Mutikani
Reuters [1]
Friday, June 5, 2009

U.S. employers cut 345,000 jobs last month, the fewest since September and far less than forecast, according to a government report on Friday that was the most definitive evidence the economy’s severe weakness was diminishing.

However, the Labor Department said the unemployment rate raced to 9.4 percent, the highest since a matching rate in July 1983, from 8.9 percent in April. This reading beat the peak in the jobless rate during the 1973-1975 recession that lasted 16 months.

But it was both a surge in new labor force entrants and a drop in employment that pushed the jobless rate up a half-percentage point. The May report showed a jump of 350,00 in the labor force. In April, the increase was just 120,000.


U.S. unemployment hits record but job losses slow 290509banner [2]

March and April’s job losses were revised down to show smaller declines of 652,000 and 504,000, respectively, meaning 82,000 fewer jobs were lost in those months than previously reported.

Analysts polled by Reuters had forecast non-farm payrolls dropping 520,000 in May. The unemployment rate had been forecast to rise to 9.2 percent.


Full article here [1]

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URLs in this post:

[1] Reuters: http://www.reuters.com/article/ousiv/idUSTRE55376U20090605

[2] Image: http://www.efoodsdirect.com/ammo-food.html?aid=14&adid=5

[3] US unemployment hits 25-year high: http://www.prisonplanet.com/us-unemployment-hits-25-year-high.html

[4] Unemployment hits record high across the Eurozone at 12.2%, leaving nearly 20million people out of work: http://www.prisonplanet.com/unemployment-hits-record-high-across-the-eurozone-at-12-2-leaving-nearly-20million-people-out-of-work.html

[5] State Unemployment Keeps Rising; Three Hit Record Highs: http://www.prisonplanet.com/state-unemployment-keeps-rising-three-hit-record-highs.html

[6] US loses 467,000 jobs, unemployment at 9.5%: http://www.prisonplanet.com/us-loses-467000-jobs-unemployment-at-95.html

[7] 1 in 4 Greek workers unemployed as joblessness hits record 25.4%: http://www.prisonplanet.com/1-in-4-greek-workers-unemployed-as-joblessness-hits-record-25-4.html

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