Has the Unemployment Scene Bottomed?

The U.S. economy shed “only” 345,000 jobs in May, the Labor Department said this morning. We forecast Wednesday that today’s employment gauge would beat expectations, but wow… this number smashed the Street’s guess of 520,000. Last month’s loss is the smallest since it all hit the fan last September.

May’s number establishes a trend for 2009, too. The jobs scene is far from rosy, but...