WASHINGTON (AP) -- The U.S. unemployment rate jumped to 5.5 percent in May -- the biggest monthly rise since 1986 -- as nervous employers cut 49,000 jobs.
The latest snapshot of business conditions showed a deeply troubled economy, with dwindling job opportunities in a time of continuing hardship in the housing, credit and financial sectors.
"It was ugly," said Richard Yamarone, economist at Argus Research.
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