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June 18, 2008Unemployment soars to 5.5%
June 6, 2008Via CNN.com …
The unemployment rate took its biggest jump in more than two decades in May as employers once again cut jobs from U.S. payrolls, according to a government report Friday, showing a job market weaker than expected.
The unemployment rate soared to 5.5% from only 5% in April. Economists surveyed by Briefing.com had only forecast the closely watched rate would rise to 5.1% in the month.
It was the biggest one-month jump in unemployment since February 1986, and the 5.5% rate is the highest level seen since October 2004.
Posted by Jeff
Posted by Jeff