May payrolls dropped 345,000 and the March-April revisions totaled an increase of 82,000, the first positive revisions since last summer. This is better than expected but still indicates a declining economy.

There were moderating hours and wages — average hourly earnings rose 0.1% for a 3.1% gain over the year — and a 0.5 point jump in the civilian unemployment rate to 9.4%, highest since the summer of 1983.

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