USA Today: Businesses shed 49,000 jobs in May - by John Waggoner
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US economic meltdown: Businesses shed 49,000 jobs in May - by John Waggoner
The US unemployment rate shot to 5.5% in May from 5% in April, biggest monthly rise since 1986, the government said Friday, as employers cut 49,000 jobs. "The report has recession written all over it," says Mark Zandi, chief economist for Moody's Economy.com. "It's a big job decline, a large increase in the unemployment rate across all industries and across the country."
May's loss of 49,000 jobs was up from a 28,000 loss in April and the fifth month in a row of job losses.
Labels: Labor market, US Economic Meltdown
