Unemployment rate soures to record high

[kst$]

The construction and housing markets are being hit hard now. The housing slump is really taking its toll.

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

U.S. Loses 49K Jobs in May; Rate Jumps to 5.5%

by FOX Business

Does any one else agree that the housing market and unemployment rate in in the toliet because of the rising cost of oil and gas. This has really effectied our country in a bad way. I say we are soon on the way to being one of the poorest countries in the world if this keeps up.

[moneysense]

Yep, the price of oil has a lot to do with it, but you also have to take into consideration the signing of NAFTA during the Clinton administration. The sending of our factories to other countries is the dumbest thing that could have possibly been done. And more factories will follow.

Plus GM closing 4 factories that are not going to be making any more SUVs or trucks adds to the unemployment list.

The US doesnt have many jobs that pay over minimum wage for the everyday joe. Plus there is no such thing for us as a 40 hour week. So whos fault is it that we are getting more and more unemployed people? Its sure not ours, cause there are people out there every day looking for work.

The one aspect of life that still offers a fair amount of jobs is in the health care industry. Nurses, aides, etc. Hospitals, nursing homes, etc.