Unemployment Jumps

By June 6, 2008Economy

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.”

 

 

Join the discussion One Comment

  • karl says:

    Like the new format Carter.

    Who are we to blame for this month’s job losses? Is it the Dems fault? Or are our fearless leaders fiddling while Rome burns? Gas prices are just market driven so suck it up America! It’s good to pay these prices, it’s all supply and demand and there’s nothing you can do about it!…………………………………… Construction jobs fell for the 11th consecutive month, by 34,000, and manufacturing jobs lost 26,000. Manufacturing jobs have not increased in 23 months. Retail jobs fell by 27,000, the fifth straight monthly loss in this sector……………………………………………..THIS should be your headline every freaking day until this situation turns around. Our policies are a complete failure.

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