The U.S. unemployment rate jumped to 9.4% in May, its highest in more than 25 years, but layoffs slowed. Employers cut 345,000 jobs during the month-the fewest since September 2008. The smaller-than-ex-pected reductions may indicate that the downturn is leveling off. Still, 14.5 million unemployed Americans are having difficulty finding new jobs; if those who have given up looking for jobs or have settled for part-time work were included, the rate would be 16.4%. Many economists believe that the jobless rate will hit 10% by year's end.
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