345K Job Cuts, Less Than Forecast; Rate at 9.4%


U.S. employers cut 345,000 jobs last month, the fewest since September and far less than forecast according to a government report on Friday that was more evidence the economy's severe weakness was diminishing.

However, the Labor Department said the unemployment rate raced to 9.4 percent, the highest since a matching rate in July 1983, from 8.9 percent in April.

Discussing the jobs report on CNBC are Diane Swonk of Mesirow Financial; Mark Zandi of Moody's Economy.com; William Rodgers, former Labor Department chief economist; and CNBC's Steve Liesman.

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