This morning, the Department of Labor released its monthly jobs report. During May, 345,000 jobs were lost and the unemployment rate reached 9.4%
The job loss was much better than anticipated: economists were expecting a loss of more than 500,000.
The four-month running average of the jobs number declined for the second straight month. When this value declines for four months, it has been a reliable indicator that a recession has ended. This is yet more encouraging news, suggesting that the severe recession begun during the Bush administration may be at an end.
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