>Breaking News Alert
The New York Times
Friday, June 5, 2009 — 8:34 AM ET
—–

345,000 U.S. Jobs Lost in May; Unemployment Rate Jumps to 9.4%

The economy shed 345,000 jobs in May, a sharp reduction in the pace of job losses, the government reported on Friday in its monthly employment report.

The unemployment rate climbed to 9.4 percent, its highest point in a quarter-century, and economists said the job losses were likely to pile up through the rest of the year. But the letup in the pace of losses fanned hopes that the plummeting job market was showing sustained signs of stabilizing.

Read More:
~The New York Times~