From the WSJ:
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.
Bureau of Labor Statistics summary here. “In May, employment continued to fall in construction, manufacturing, retail trade, and temporary help services, while health care continued to add jobs. Average
hourly earnings rose by 5 cents, or 0.3 percent, over the month.”
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