Pace of layoffs expected to slow, but jobless rate likely rose above 9 percent in May

Despite fewer cuts, May jobless rate seen rising
Pace of layoffs expected to slow, but jobless rate likely rose above 9 percent in May

WASHINGTON (AP) -- With companies in no mood to hire, the unemployment rate is still rising. But the furious pace of layoffs is easing as the recession loosens its hold on the country.
The Labor Department on Friday is slated to release a report expected to show that a net total of 520,000 jobs were lost in May. If economists are right, the figure would mark the second straight month that job losses slowed. It also would be the fewest job reductions since October.
"A loss of that many jobs is bad, but would be taken as a sign that the heavy weights on the economy and the labor market seem to be diminishing a bit," said Steven Cochrane, managing director of Moody's Economy.com.

The deepest job cuts of the recession came in January when 741,000 jobs disappeared, the most since 1949.
Job losses averaged 700,000 a month in the first quarter but dropped to 539,000 in April. They should average around 500,000 in the current quarter and taper off to 250,000 per month in the final quarter of this year, according to some projections. Read Article...
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