Jobless Rate at 9.4%! Yay?

The US jobless rate jumped to 9.4% in May, though the pace of job slashing has slowed. An underwhelming reduction in payroll jobs gives the Department of Labor the impression that the recession may be showing signs of loosening. Still, this little tid bit from USA TODAY is troubling:

"If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.4% in May, the highest on records dating to 1994."

Good luck to the 14.5 million still in the struggle. Keep your heads up.