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SATURDAY, NOVEMBER 21, 2009
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Jobless Rate Hits 9.4%, But Layoffs Ease

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(AP) – The unemployment rate jumped to 9.4% in May, the highest in more than 25 years. But the furious pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September. 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%, the highest on record dating to 1994.

The Labor Department also says a total of 14.5 million people were unemployed in May. Job cuts were smaller than the 520,000 economists expected, while the unemployment rate was higher than the 9.2% forecast. 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.

In this May 6 photo, job seekers line-up outside Madison Square Garden for a job fair in New York.
In this May 6 photo, job seekers line-up outside Madison Square Garden for a job fair in New York.   (AP Photo/Richard Drew)
A line winds through the Cleveland Convention Center as people wait in line to enter a job fair, Thursday, May 14, 2009, in Cleveland.
A line winds through the Cleveland Convention Center as people wait in line to enter a job fair, Thursday, May 14, 2009, in Cleveland.   (AP Photo/Tony Dejak)
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SPH
Jun 6, 09 10:19 PM CDT
You are wrong....
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skeptik
Jun 5, 09 11:34 AM CDT
For once I agree with you aclepd. Lets return to those halcyon days of the 50's & 60's when wages were fair because unions were strong and one income was enough to pay the mortgage, car payment, insurance bills AND put food on the table. Reply
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Snowleopard
Jun 5, 09 1:30 PM CDT
and lets return to the progressive taxation of the 50s-60s too. Reply
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