49k Jobs Lost, Unemployment Shoots Up Half A Point

The American job market weakened again last month as employers shed 49,000 jobs, the government said on Friday, further darkening the outlook for workers as they try to cope with the housing slump and high oil prices that cut into their spending power.

The unemployment rate surged to 5.5 percent from 5 percent in April, far higher than economists had expected.

Payrolls have shrank every month this year, the worst losing streak since 2003, according to the Bureau of Labor Statistics. Manufacturers, construction companies, and goods-producing businesses were the hardest hit, as the collapse of the housing market left several industries reeling and facing an imperative to cut costs.

The government also revised down its estimate for April to a loss of 28,000 jobs. It had originally reported that 20,000 jobs were lost that month.

3 thoughts on “Yowsa!

  1. On the upside, your midday hits must be climbing.
    I’m still a data point.

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