Bleak Unemployment Reportby Tim Manni
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.