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The U.S. economy continued to lose jobs in May, but at a slower pace than it has been, giving credence to the idea that the recession is nearing an end. Still, the unemployment rate climbed to 9.4 percent, and wage growth has slowed to a trickle.

The nation's unemployment rate last month is the highest it's been in more than 25 years. However, the pace of layoffs eased. Employers cut 345,000 jobs in May, the fewest since September.