U.S. Economy: Payrolls Fall, Unemployment Rate Climbs

The U.S. lost jobs for a fifth month and the unemployment rate rose by the most in more than two decades, as an influx of students into the workforce drove the biggest jump in teenage joblessness since at least 1948.

Payrolls fell by 49,000 in May, the Labor Department said today in Washington. The jobless rate increased by half a point to 5.5 percent, higher than every forecast in a Bloomberg News survey. The surge in youth unemployment exacerbated losses in every category except Hispanics.

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Pretty much if you don't have a job right now...it's not looking so good for ya...eh well, these are the ins and outs of being a suit!