Friday, June 6, 2008

Unemployment Rate Jumps to 5.5%

The U.S. unemployment rate posted its sharpest one-month increase in 12 years last month, suggesting U.S. consumers already facing a housing slump and soaring gasoline prices now confront growing pressure from a weakening jobs market. The unemployment rate jumped 0.5 percentage point to 5.5%, its highest level since October 2004.

Meanwhile, nonfarm payrolls, which are calculated by a separate survey, declined 49,000 in May, the fifth straight drop. The decline was broad based, including manufacturing, construction, retail trade and business services.

1 comment:

Anonymous said...

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