Jobless rate hits 9.4% in May; layoffs slow

[jefferson_dem]

Source: AP

Jobless rate hits 9.4% in May; layoffs slow
From the Associated Press
5:52 AM PDT, June 5, 2009


WASHINGTON -- With companies in no mood to hire, the unemployment rate jumped to 9.4% in May, the highest in more than 25 years. But the pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September.

The much smaller-than-expected reduction in payroll jobs, reported by the Labor Department today, adds to evidence that the recession is loosening its hold on the country. It marked the fourth straight month that the pace of layoffs slowed.

Still, the increase in the nation's unemployment rate from 8.9 percent in April underscores the difficulties that America's 14.5 million unemployed are having in finding new jobs. Economists had expected the rate to hit 9.2% last month.

If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.4 percent in May, the highest on records dating to 1994.

Even with layoffs slowing, companies will be reluctant to hire until they feel certain that economic conditions are improving and that any recovery will last.

Since the recession began in December 2007, the economy has lost a net total of 6 million jobs.

Read more: http://www.latimes.com/business/la-fi-jobs6-2009jun06,0,7231777.story

[Triana]

1. Try 20%

http://www.shadowstats.com/alternate_data

[KillCapitalism]

8. Those number seem more correct.

Unemployment also depends on your location. PLaces like where I live, and Detroit, MI might even have a 30% unemployment rate.

[Flagg]

2. Higher than France

[scarface2004]

3. you can double the official rate...

since they don't count half the people who don't have jobs!!

[SkyDaddy7]

4. I am going to try and be positive...

I hope I do not get in trouble for saying this but it does appear things may be stabilizing.

[Robbien]

5. Stabilizing at a rate of jobs lost of 345,000 a month?

That's cheerful.

Wall Streeters are having a party on the news.

[SkyDaddy7]

7. Like I said...

This is good news regardless of how you want to frame it. The numbers of jobs being lost is horrible but the FACT this number is shrinking can't be anything but positive. Thats all I am saying.

Dare I say it might have something to do with our President's policies? I know that will piss people off.

[ellisonz]

6. Didn't you hear?

American capitalism is self-correcting. Everything will be fine. It's all of that liberalism gone to your head. The fundamentals of the American economy are strong!:sarcasm:

:nopity:

[KansDem]

9. How's that Trickle Down Economics™ working out for ya?

F**k Reaganism!

Pat Schroeder, former Representative from Colorado, said it best: "Trickle on economics"