A job seeker searches for employment opportunities in Arlington Heights, Illinois in 2004. The US economy lost 49,000 jobs in May, almost twice the number the prior month, pushing the unemployment rate up a half point to 5.5 percent.
The US economy lost 49,000 jobs in May, almost twice the number the prior month, pushing the unemployment rate up a half point to 5.5 percent, the Labor Department said Friday.
The 5.5 percent rate was the highest in nearly four years and the economy shed jobs for the fifth consecutive month.
The sharp rise in joblessness exceeded market expectations of a 5.1 percent rate. Unemployment hit its highest level since October 2004, and the increase was the strongest since February 1986.
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