Jobless rate propels economic slump
Pink slips piled up and jobs disappeared into thin air in May as the nation's unemployment rate zoomed to 5.5 percent in the biggest one-month jump in decades. Wall Street swooned, and President Bush was considering new proposals to revive the economy.AP in the Daily News.
Help-wanted signs are vanishing along with jobs. The unemployment rate is likely to keep climbing, a government report indicated.
Adding to the pain, oil prices soared to a new record high, while the value of the dollar fell.
About The
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The Los Angeles Daily News' City Hall reporters Rick Orlov and Kerry Cavanaugh write about politics on the local, state and national stage.
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