May Jobs Report Still Bad, But Improving

From The New York Times:

The United States economy lost 345,000 jobs in May, the government reported on Friday, a sharp slowing in the pace of job losses that fueled hopes that the economy was on its way toward a recovery.

The recession continued to take a toll as the unemployment rate climbed to 9.4 percent, its highest point in a quarter-century. Economists said the job losses were likely to pile up through the rest of the year as the country’s labor market bottomed out. But they saw the latest figures as solid evidence the job market was no longer in a free fall.