U.S. Unemployment Up Sharply
June 6th, 2008It’s pointless to post government unemployment statistics, but even by their bogus numbers, it’s the biggest rise in more than two decades.
Via: Bloomberg:
The U.S. lost jobs in May for a fifth month and the unemployment rate rose by the most in more than two decades, signaling that the world’s largest economy is stalling.
Payrolls fell by 49,000 after a 28,000 drop in April, the Labor Department said today in Washington. The jobless rate increased by half a point to 5.5 percent, higher than every forecast in a Bloomberg News survey, partly because an influx of teenagers into the workforce exceeded jobs available.
Treasuries climbed and the dollar slid after the report indicated the economy will struggle to rebound from the weakest expansion in five years. Continental Airlines Inc. and UAL Corp.’s United Airlines are among companies announcing job cuts this week as businesses grapple with soaring energy costs and slowing demand.
The only mystery is how some people can believe that our economy isn’t going to collapse.