Looking for good economic news has been like looking for a needle in a haystack lately. But today the job loss report should the smallest lost since September.
Employers cut 345,000 jobs from their payrolls in the month, down from the revised decline of 504,000 jobs in April.
Job losses have not been this low since September when the bankruptcy of Lehman Brothers caused a crisis in U.S. financial markets and cut off credit for businesses. The forecast for job losses was 520,000 in May according to economists surveyed by briefing.com.
More good employment news showed jobless claims fell for the first time since the week ended January 3.
According to government data released on Thursday, ongoing claims for unemployment insurance declined for the first time since January, and the number of initial jobless claims fell slightly.
Last week existing home sales rose 2.9% while the median sales price fell 15.4% to $170,200 in April.
The National Association of Realtors reported that existing home sales rose 2.9% last month to a seasonally adjusted annual rate of 4.68 million units compared to the revised rates of 4.55 million in March.
More good news last week showed the National Association for Business Economics reported that a recovery in the second half of this year will be moderate. The leading economists say the end of the recession is in sight.
"The good news is that the NABE panel expects economic growth to turn positive in the second half of this year, with the pace of job losses narrowing sharply over the remainder of this year and employment turning up in early 2010," said NABE president Chris Varvares in a written statement.
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