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The nation's unemployment rate jumped to 5.5 percent in May
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Nofsdad


Joined: 06 Jul 2003
Posts: 6727
Location: Central CA
Posted: Fri Jun 06, 2008 3:02 pm    Post subject: The nation's unemployment rate jumped to 5.5 percent in May  
Quote:
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.

"It was ugly," said Richard Yamarone, economist at Argus Research.

With employers worried about a sharp slowdown and their own prospects, they clamped down on hiring in May, said Friday's report from the Labor Department. The unemployment rate soared from 5 percent in April to 5.5 percent in May. That was the biggest one-month jump in the rate since February 1986. The increase left the jobless rate at its highest since October 2004.

Hey, as long as those shareholders are still making bucks, so what,eh? But ARE they?
Quote:
On Wall Street, stocks slid. The Dow Jones industrials tumbled more than 200 points in morning trading.

Of course everybody but those actually living with the consequences of corporate greed and government ineptitude on a daily basis were "surprised". They're ALWAYS surprised. Why do we ever listen to these people?
Quote:
The big jump in the unemployment rate surprised economists who were forecasting a tick-up to 5.1 percent. Payroll losses, however, weren't as deep as the 60,000 that analysts were bracing for. Still, job losses in both March and April turned out to be larger than the government previously reported. Employers now have cut payrolls for five straight months.

Quote:
Yet, there was no question that employers last month sharply cut jobs in manufacturing, construction, retailing and professional and businesses services. Those losses swamped gains elsewhere, including in the education and health fields, government and leisure and hospitality.

Becoming a nation of teachers, doctors, government employees and travel agents/social directors. How many of THOSE jobs are there? And does it strike anyone else as funny, in view of who's in charge these days, that GOVERNMENT is one of the few sectors showing gains?

Full story HERE:
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11_WALLS_OF_BITTEN_WONDER


Joined: 25 Jun 2008
Posts: 26
Location: n/a
Posted: Sun Jul 06, 2008 2:42 am    Post subject:  
Its all goes back to crude oil hopefully is a "bubble" and it will "burst" soon. Unfortnately we in retail suffer first and suffer hard. Aside: Changing the damn financial disclosure rules from privately held companies would be progress, alittle too late in my particular case. Sad
Hey brother you dont have to convince me in the idea that smaller government is better government..I'm a ditto head if you know what I mean. Rock on!
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