June 5. 2009

(Reuters)

The U.S. economy lost 787,000 jobs in May, bringing the grand total to 14.5 million unemployed in the nation. The national unemployment rate is not 9.4%.

U.S. jobless rate hits 9.4 percent

Friday, June 5, 2009, 12:00pm EDT - The U.S. economy lost 345,000 nonfarm jobs in May, which is about half the average monthly decline for the prior six months, the U.S. Department of Labor’s Bureau of Labor Statistics reported today.

The BLS said the unemployment rate continued to rise, increasing to 9.4 percent from 8.9 percent. Steep job losses continued in manufacturing, while declines moderated in construction and several service-providing industries.

The number of unemployed persons increased by 787,000, to 14.5 million in May.

Since the start of the recession in December 2007, the number of unemployed people has risen by 7 million, and the unemployment rate has grown by 4.5 percentage points...

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