U.S Sees Biggest Unemployment Jump in 22 Years


On the economic front, the news is “ugly.”

The nation’s unemployment rate jumped to 5.5 percent in May — the biggest monthly rise since 1986 — as nervous employers cut 49,000 jobs.

The latest snapshot of business conditions showed a deeply troubled economy, with dwindling job opportunities in a time of continuing hardship in the housing, credit and financial sectors.


“It was ugly,” said Richard Yamarone, economist at Argus Research.
Of course, given the environment we’re in, economic news has an immediate impact on the political landscape, and the McCain campaign was quick to issue a statement. After noting that the rise in unemployment is a reminder of the “challenges” American families are facing, McCain said:

“…[W]e must act now to support workers, families and employers alike. This means getting our economy back on track by providing immediate tax relief, enacting a HOME plan to help those facing foreclosure, lowering health care costs, investing in innovation, moving toward energy independence and opening foreign markets to our goods. These policies will help small businesses create the jobs that families need today. The American people cannot afford more inaction from Washington.


“The wrong change for our country would be an economic agenda based upon the policies of the past that advocate higher taxes, bigger government, government-run health care and greater isolationism. To help families at this critical time, we cannot afford to go backward as Senator Obama advocates.”

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