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June 6th, 2008 (Modified on June 26th, 2008)

Bleak Unemployment Report

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Employers cut 49,000 jobs in May boosting the nation’s unemployment rate to 5.5%, according to the Labor Department. Defying expectations of a 0.1% increase, the unemployment rate lifted 0.5%; the largest monthly increase since February 1986. According to the report, 324,000 jobs have been lost this year so far.

As more people enter the workforce, primarily a large number of teenagers looking for summer work, the number of unemployed grew by 861,000, lifting national totals to 8.5 million. In 2007, the economy produced an average of 91,000 new jobs every month.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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