Hooray! Unemployment "Only" At 9.4%
Surreal news coverage:
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. In normal times, the loss of so many jobs in a single month would have been interpreted as a calamity. But 18 months into the longest recession since the 1930s, economists said the milder pace of job losses indicated that the economy was gradually leveling off . . . “Things are still getting worse, but the pace of decline has slowed down,” said David Wyss, chief economist at Standard & Poor’s. “Over all, it’s not quite as dire as it looked in the first quarter.”
(Emphasis supplied.) Happy days are here again! Sheesh.
Speaking for me only
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