Question of the Day (29-Jul-20)
Job losses slowed dramatically in May 2009, according to the latest government reading on the battered labor market, even as the unemployment rate rose to a 26-year high. But some experts cautioned that the job market remains weak. Employers cut 345,000 jobs from their payrolls in the month, down from the revised decline of 504,000 jobs in April. This was the fewest jobs lost in a month since last September, when the bankruptcy of Lehman Brothers caused a crisis in U.S. financial markets and choked off credit for many businesses. There were still widespread job losses, as most sectors of the economy, including manufacturing, construction, retail, and business and professional services posted declines in jobs. _________________.