Unemployment soars to 5.5%

Via CNN.com …

The unemployment rate took its biggest jump in more than two decades in May as employers once again cut jobs from U.S. payrolls, according to a government report Friday, showing a job market weaker than expected.

The unemployment rate soared to 5.5% from only 5% in April. Economists surveyed by Briefing.com had only forecast the closely watched rate would rise to 5.1% in the month.

It was the biggest one-month jump in unemployment since February 1986, and the 5.5% rate is the highest level seen since October 2004.