Job Losses Drop, While Unemployment Reaches 26 Year High

In a report released by the Government on June 5th, economic data are painting two very different outlooks on the state of the economy. On one hand, job losses for May totaled 345,000. This figure marks the lowest number of job losses since September of 2008. This figure is down from nearly double that some months ago, where monthly job loss figures of nearly 600,000 were average.

However, at the same time the report stated that unemployment throughout the nation had reached nearly 9.4%, a twenty-six year high. This figure, inching ever towards a 10% percent unemployment rate, is a troubling picture of the overall employment market as more and more people begin to look for jobs.

These signs are a mixed bag, showing that while employers may be easing off firing, the economy has a long way to go in creating jobs necessary to stimulate the economy and pull us out of the recession.