Jobless rate rises in May

WASHINGTON, D.C. - The nation’s unemployment rate jumped to 5.5 percent in May. That is the biggest one-month jump in unemployment since February 1986 say economists.

Employers worried about their business conditions cut hiring last month. The unemployment rate soared from 5 percent in April to 5.5 percent in May. The increase left the jobless rate at its highest since October 2004. A year ago the jobless rate was 4.5 percent.

Job losses in both March and April have also turned out to be larger than the government previously reported. Employers now have cut payrolls for five straight months.

While unemployment rates in manufacturing, construction, and other business services are down, rates in government, education and health fields gained ground.