Jobless rate jumped to 5.5 percent in May

maseman

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Fri Jun-06-08 08:01 AM
Original message

Jobless rate jumped to 5.5 percent in May

Source: MSNBC/AP

WASHINGTON - The nation’s unemployment rate jumped to 5.5 percent in May — the biggest monthly rise since 1986 — as nervous employers cut 49,000 jobs.

The latest snapshot of business conditions showed a deeply troubled economy, with dwindling job opportunities in a time of continuing hardship in the housing, credit and financial sectors

Read more: http://www.msnbc.msn.com/id/25001930

Nice work shrubby. 'conomy is doing great...

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AllexxisF1

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Fri Jun-06-08 08:03 AM
Response to Original message

1. WOW

THAT IS A HUGE DROP.

Good God Barack cannot come in quick enough.

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ellisonz

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Fri Jun-06-08 08:05 AM
Response to Original message

2. With the undercount it's probably something like 8-9%.

That's not even counting underemployment.

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Sanity Claws

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Fri Jun-06-08 09:06 AM
Response to Reply #2

10. Actually more like 15%

Our statistics seriously understate our unemployment rate.
An economist used the figure of 15% in an article last month. He added in people who have stopped looking for work, as well as those working part time because they can't find full time work.

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dkf

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Fri Jun-06-08 08:11 AM
Response to Original message

3. CNBC says it was due to teenagers and under 24s.

I bet its because everyone needs gas money.

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high density

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Fri Jun-06-08 08:24 AM
Response to Original message

4. Well, that could only mean that we need more green cards and H-1Bs!

Just ask Senator Boxer!

http://boxer.senate.gov/news/releases/record.cfm?id=298804
http://www.computerworld.com/action/article.do?command=viewArticleBasic&articleId=9094118

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treestar

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Fri Jun-06-08 08:52 AM
Response to Reply #4

7. They might create more work

After all, you can't hire people to do a job that requires a college degree if they don't have one. Import someone who does and that stimulates the economy. Boxer could well be right.

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high density

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Fri Jun-06-08 08:55 AM
Response to Reply #7

8. We already have a glut of people with college degrees that are underemployed

Not to mention that enrollment in computer fields is down because of the horrible job market. We do not need to import people. She's only right in the eyes of the corporations that want to drive wages lower.

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Fri Jun-06-08 08:33 AM
Response to Original message

5. The wealthy and employed will welcome the downward pressure on inflation...

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liberal N proud

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Fri Jun-06-08 08:40 AM
Response to Original message

6. And it is expected to go to 6% or higher next year

From the LA Times version:
AP

Fed officials and the Bush administration are hoping that the Fed's powerful doses of rate reductions and the government's $168 billion stimulus package, including tax rebates for people and tax breaks for businesses, will pull the economy out of its deep funk in the second half of this year.

Even if that happens, the unemployment rate is expected to climb to 6 percent or higher early next year. Employers won't want to ramp up hiring until they feel more sure that an economic recovery has strong legs.
http://www.latimes.com/business/la-fi-economy7-2008jun07,0,5077276.story

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DuaneBidoux

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Fri Jun-06-08 09:04 AM
Response to Original message

9. Aweful for Americans--Awesome for the Democrats in November.

At this rate we'll all be starving by November--hopefully we'll still be strong enough to drag ourselves to the polls.

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Xenotime

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Fri Jun-06-08 11:24 AM
Response to Original message

11. Now is the time to give jobs to the jobless.

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KayLaw

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Fri Jun-06-08 11:29 AM
Response to Original message

12. There aren't many jobs here

I live in Florida and I'm sure John McCain is wrong when he says Americans won't pick lettuce for $50 and hour.

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