Pace of Job Losses Slows Somewhat in May 2009; Overall Unemployment Continues to Rise

There were some signs of a spring thaw in this month’s numbers, but little relief for the unemployed.  While the unemployment rate continued its sharp increase (from 8.9% to 9.4%), a fewer than expected 345,000 net jobs were lost (and March and April’s losses were revised slightly downwards).  6 million jobs have been lost since the recession began.  Several sectors, including construction and professional/business services saw losses that were only half the rate of recent months.  Manufacturing continued to be hard hit, losing 156,000 jobs and 1.8 million since the recession began—nearly 3 out of every 10 jobs lost.  The total unemployed increased 7 million to 14.5 million.  The black unemployment rate remained essentially level (declining 15% from 14.9%), including declines for both black adult men and women, though part of the explanation (especially for women) could be people no longer looking for work.  Adult men (9.8%), adult women (7.5%), whites (8.5%) and particularly Latinos (12.7%) all saw their unemployment rate increase for May.  The unemployment rate gap between blacks and whites, usually over 2, is now only 1.7. 

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