Unemployment stats spike in May

In another blow to a reeling economy, the unemployment rate surged to 5.5% in May, from 5% in April.
JUN 06, 2008
By  Bloomberg
In another blow to a reeling economy, the unemployment rate surged to 5.5% in May, from 5% in April, and stood at one full percentage point higher than the 4.5% rate a year earlier. This marked the largest month-to-month increase since May 1980, when the rate spiked to 7.5%, from 6.9%, a Department of Labor spokeswoman said. Non-farm payrolls fell by 49,000 last month, following a loss of 28,000 jobs in April. For the first five months of the year, payroll employment has declined by 324,000 jobs. Wall Street economists surveyed by Reuters had forecasted that 58,000 jobs would be lost in May and that the unemployment rate would climb to 5.1%. The construction, manufacturing and professional services industries recorded job losses of 34,000, 26,000 and 39,000, respectively. In one of the report's few bright spots, the health care industry added 34,000 jobs. For the month, average hourly earnings of production and non-supervisory workers on private non-farm payrolls rose 5 cents, or 0.3%, to a seasonally adjusted $17.94. That followed gains of 2 cents in April and 6 cents in March. The average workweek for production and non-supervisory workers on private non-farm payrolls was unchanged at a seasonally adjusted 33.7 hours. On Thursday, the Labor Department had reported that seasonally adjusted initial jobless claims totaled 357,000 for the week ended May 31, marking a decrease of 18,000 from the previous week's revised figure of 375,000.

Latest News

Goldman gets shareholder backing on $80M executive bonus packages
Goldman gets shareholder backing on $80M executive bonus packages

The approval of the pay proposal, which handsomely compensates its CEO and president, bolsters claims that big payouts are a must in the war to retain leadership.

Integrated Partners, Kestra welcome multigenerational advisor teams
Integrated Partners, Kestra welcome multigenerational advisor teams

Integrated Partners is adding a husband-wife tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.

Trump not planning to fire Powell, market tension eases
Trump not planning to fire Powell, market tension eases

Futures indicate stocks will build on Tuesday's rally.

From stocks and economy to their own finances, consumers are getting gloomier
From stocks and economy to their own finances, consumers are getting gloomier

Cost of living still tops concerns about negative impacts on personal finances

Women share investing strengths, asset preferences in new study
Women share investing strengths, asset preferences in new study

Financial advisors remain vital allies even as DIY investing grows

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.