Rate of Job Loss is Slowing

The labor department reported the total number of Americans receiving unemployment benefits last week rose to just over 6.3 million, a record high. But the number of newly laid off workers applying for benefits last week was 601,000. That's 30,000 less than analysts had predicted.

Dan Arnall with ABC News Business Unit said, "The numbers are telling us firms aren't laying-off people as fast as they were just a few months ago."

Financial experts say the good news on the job front comes on the heels of a new payroll report that shows private employers cut 491,000 jobs in April, down from more than 700,000 in March.

Experts are calling for cautious optimism considering unemployment rates are still nearly double what they were at this time last year.

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