U.S. unemployment rate soars to 5.5% in May

[EV_Ares]

WASHINGTON (MarketWatch) - The U.S. unemployment rate jumped by a half percentage point to 5.5% in May on the biggest increase in seasonally adjusted unemployment in 33 years, the Labor Department reported Friday. Nonfarm payrolls fell by 49,000 in May, the fifth consecutive decrease and in line with expectations of economists. The economy has lost 324,000 jobs so far this year. Unemployment rose by 861,000 to 8.5 million, the government said. The 0.5 percentage point increase in the unemployment rate was a shock, as economists expected a much smaller 0.1 percentage point gain to 5.1%. The jobless rate is the highest since October 2004. It was the biggest percentage point gain in unemployment since 1986.

Link: http://www.marketwatch.com/news/story/us-unemployment-rate-soars-55/story.aspx?guid=%7BA96DCDDC-68AC-48D7-82AC-753E8583600E%7D&dist=msr_7

[spinbaby]

1. I wonder what real unemployment is

Sigh.

[jpljr77]

2. Yeah, not only that, but the foreclosure rate on homes skyrocketed.

At the end of the first quarter, 2.47 percent of all mortgages were at some point in the foreclosure process. And there's more coming as the 30 days-or-more delinquency rate (again, on all mortgages) rose to 6.35 percent from 5.82 percent in the fourth quarter.

The delinquency rate on subprime adjustable-rate mortgages set a new record at 22.07 percent from 20.02 percent in the fourth quarter.

Bad times. People are losing their homes and their jobs. Speaking of jobs, the U.S. economy has lost 324,000 of them this year.

[Ganja Ninja]

3. "Change you deserve!"

The bad decisions in the voting booth are coming home to roost.

[Kittycat]

4. but, but - We gave them stimulus checks

:mad: