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