Unemployment Hits Record High

More good news: the economy lost 345,000 jobs in May, its smallest decrease in 8 months. But unemployment rates rose to 9.4 percent--the highest it's been since 1983. Analysts expected job loss numbers to reach anywhere from 450,000 to 600,000, so the unemployment report represents a small victory. Said one economist: "We're far, far away from the depths of the recession we were in," but added that the new report is "one of the first steps toward a recovery."