World-News

May's U.S. unemployment rate rose to 5.5%, up from 5.0% in April--the largest jump in the jobless figure since October 2004 and the fifth straight month of job losses, according to the Labor Department's monthly report Friday.

http://tinyurl.com/5vmyfq



Americans $1.7 trillion poorer

The amount of equity people have in their homes fell to 46.2%, the lowest level on record.

http://money.cnn.com/2008/06/05/news/economy/fundflows/index.htm



Despite Interest Rate Cuts, Foreclosures Hit Record High

Foreclosures continue to reach new heights as more than 1 million homeowners face losing their home, according to industry figures released yesterday.

http://tinyurl.com/5h2jvq



Think the Economy Is Bad? Wait Till the States Cut Back

Struggling as we are with the housing bust, the credit crunch, shrinking consumption, rising unemployment and faltering business investment, we can be forgiven for thinking that all the big shoes have dropped. There is another one up there, however, and it is about to come down.

http://tinyurl.com/44jxjm


From Information Clearing House

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Job Losses and Oil Price Surge Blast Economy

Peter S. Goodman, reporting for The New York Times, writes: "The unemployment rate surged to 5.5 percent in May from 5 percent - the sharpest monthly spike in 22 years - as the economy lost 49,000 jobs, registering a fifth consecutive month of decline, the Labor Department reported Friday."

http://www.truthout.org/article/losses-and-surge-oil-spread-gloom-economy



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