Didn't we post growth last quarter?
EDIT:
U.S. Loses 49K Jobs in May; Rate Jumps to 5.5%
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SEND FOXBusinessDigg It StumbleUpon Newsvine Reddit The government reported the U.S. lost 49,000 jobs in May as the unemployment rate rose by the largest amount since February 1986.
The Labor Department reported the fifth consecutive month of declines in nonfarm payrolls. The decline was better-than-expected however, as economists had been expecting a 60,000 job decline for last month.
The unemployment rate, which is calculated separately by a survey of households, soared to
5.5% in May. Wall Street had only been expecting a slight rise to 5.1%. It's the highest the rate has been since October 2004.
The government reported that the number of people classified as unemployed jumped by 861,000 last month to 8.5 million. According to the Bureau for Labor Statistics, the increase in unemployed people is a reflection of job cuts as well as new and returning job seekers. It also said the unemployment uptick was "disproportionately large" among 16 to 24-year olds.
The U.S lost more jobs in May than in April, when the government reported a more modest 28,000 job decline. In March the Labor Department reported an 88,000 job loss.
While the labor situation has weakened amid job cuts in the construction, financial and manufacturing sectors, experts have said employment has not fallen off the map.
Thanks to the ongoing housing slump, the construction sector took the biggest hit in May, shedding 34,000 jobs. Over the past seven months the nation has lost 320,000 construction positions.
Manufacturing continued to lose jobs, posting a 26,000 job decline last month.
On the upside, the health care industry continued to add employees. The sector expanded by 34,000 jobs in May.
The government also said average hourly earnings rose by 5 cents, or 0.3%.
www.foxbusiness.com/story/markets/economy/loses-k-jobs-rate-jumps/Yea 5.5 is just terrible.