Saturday, June 07, 2008

Unemployment Rate Sees Largest Monthly Jump Since 1986

The national unemployment rate increased by a half percentage point in May, the largest monthly jump since 1986, and employers cut 49,000 jobs.
There are about 1.5 million more unemployed job hunters now than at this time a year ago, the U.S. Bureau of Labor Statistics said Friday. An estimated 8.5 million unemployed people are looking for work.

Joblessness in May soared to 5.5 percent, up from 5 percent in April, reaching its highest rate since October 2004.
Every time you turn around the economic news worsens. Families across the country are afraid of what tomorrow holds.
"The numbers are consistent with an economy on the edge of recession, if not in one," said Frank Lenk, chief economist at the Mid-America Regional Council in Kansas City. "Since payroll employment data tends to get revised downward once all the data is collected, it might be worse than the current data suggests."

The statistics bureau's report did, indeed, issue revised employment counts for March and April, indicating that employers had 15,000 fewer workers on their payrolls in April and 15,000 fewer on their March payrolls than initially estimated for those months.

The jobs report indicated that the January-May period this year represents the first time since February-June 2003 that national payrolls declined for five consecutive months.
John McCain will be having some sleepless nights digesting this report. Remember he recently said people were better off now then they were seven years ago. Sure they are John for your rich lobbyist friends. The rest of us are screwed.


Richard Jennings said...

Even though unemployment is up, there are still thousands of $75K, $100K and $150K jobs.

If one person looks for a job, they will find one, one person is not a statistic.

Jeff said...

Yes I agree there are those jobs available but not nearly enough and usually in places where even that just gets you by. 150K in Manhattan is middle class, in Alabama its rich. The US economy needs 150K jobs per month just to keep up with demand and that hasn't happened in quite a long time.

Mike S said...

John McClain will put the final nail in the coffin of the middle class.The other option we don't have a f*cking clue about.

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