87.5 F
San Fernando
Saturday, Sep 23, 2023

Monthly growth in unemployment rate is biggest in over 20 years

WASHINGTON — The nation’s unemployment rate took a sharp turn for the worse in May, jumping to 5.5% from 5% a month earlier — the largest one-month increase in more than two decades and a further sign that the ailing economy is not yet on the mend. Altogether, the economy lost 49,000 jobs in May and 324,000 jobs since the beginning of the year — five straight months of contraction, the Bureau of Labor Statistics reported today. The economy must create about 100,000 jobs a month just to keep pace with population growth. Peter Morici, an economist at the University of Maryland, said the report was “the strongest evidence yet that the economic expansion has slipped into a recession of uncertain depth and duration. For the full story visit http://www.latimes.com/business/la-fi-economy7-2008jun07,0,5077276.story

Featured Articles

Related Articles