US unemployment rate jumps to 9.4 per cent

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US employers cut 345,000 jobs last month, the fewest since September and far less than forecast, according to non-farm payroll data yesterday that offered more evidence that the recession may be winding down.

However, the Labor Department said the unemployment rate raced to 9.4 per cent, the highest since July 1983, from 8.9 per cent in April. Since the recession started in December 2007, the economy has lost 6 million jobs.