Unemployment Report: biggest rise in rate in two decades

The U.S. economy is losing jobs fast. I will have more to say about this later, but I wanted to get out a link to Bloomberg’s coverage of the 8:30 unemployment report. There’s also a link to the report under the “Economic Data” section in my sidebar. Here’s what Bloomberg said:

“The U.S. lost jobs in May for a fifth month and the unemployment rate rose by the most in more than two decades, signaling that the world’s largest economy is stalling.

Payrolls fell by 49,000 after a 28,000 drop in April, the Labor Department said today in Washington. The jobless rate increased by half a point to 5.5 percent, higher than every forecast in a Bloomberg News survey, as an influx of teenagers into the workforce exceeded jobs available.”
Bloomberg News, 06 June 2008

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More