US Job Market Staus Report

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U.S. employers cut 345,000 jobs last month, the fewest since September and far less than forecast, according to a government report on Friday that was more evidence the economy's severe weakness was diminishing.

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Here is brief report....

The pace of U.S. job losses slowed sharply last month, the strongest sign to date that the recession is diminishing, even as the unemployment rate hit its highest in nearly 26 years.

The Labor Department said on Friday that U.S. employers cut 345,000 jobs in May, the fewest since September and far less than economists had forecast, after slicing 504,000 in April.

The unemployment rate raced to 9.4 percent, however, the highest since July 1983, from 8.9 percent in April, partly reflecting a surge in people entering the labor force.

"It keeps hopes alive for a full recovery in the U.S. economy by the second half. It's a step in the right direction," said John Canally, investment strategist and economist for LPL Financial in Boston.

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