US Lost 49K More Jobs In May, Unemployment Rate Surges to 5.5%
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The May jobs report showed that the US lost 49,000 nonfarm jobs, the fifth straight month of declines. Surprisingly, the unemployment rate rose from 5.0 to 5.5 percent in May, the largest increase since February 1986 and the highest reading since October 2004.
The US economy has lost a total of 324,000 jobs so far in 2008.
The May report showed employment declined in construction, manufacturing, retail trade, and temporary help services. Health care continued to add jobs. The manufacturing sector continued to lose jobs, down 26,000 in May.
Average hourly earnings rose by 5 cents, or 0.3 percent.
Unemployment rates increased for adult men, adult women, teens, whites, and blacks. The number of unemployed persons grew by 861,000 to 8.5 million, with the increase disproportionately large among 16- to 24-year olds. The over-the-month jump in unemployment reflected additional workers who had lost their jobs as well as an upsurge in new and returning jobseekers.
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