U.S. unemployment rate at 26 year high

While the deterioration pace of payroll loss showed at some improvement in the economy, the U.S. unemployment rate jumped to a 26-year high of 9.4% in May from 8.9% in April. The unemployment rate was the highest level since February 1983.

Employers cut 345,000 jobs from their payrolls in the month, down from the revised decline of 504,000 jobs in April. This was the fewest jobs lost in a month since last September.

Payrolls had lost an average of 643,000 in the previous six months. The economy has lost 6 million jobs since the recession began in December 2007.