May Job Losses Not As Bad As Expected; Market Climbs

Though the U.S. unemployment rate grew to 9.4 percent after the economy shed 345,000 jobs in May, the loss is much less than analysts had expected. The new report has led to at least ephemeral optimism among investors as stock futures gained and bond yields grew.

The total number of unemployed workers sits at an estimated 14.5 million. Construction is still the hardest hit area, followed by manufacturing, finance and insurance, and retail.

For more information on the new unemployment statistics, visit the source.

Source:

BusinessWeek: Job Loss Surprise Boosts Market