Jun 6, 2008 8:09 pm US/Eastern
CBS4 Your Money: A Week Of High Unemployment
Jobless Rate At 5.5% And Energy Prices Spiked By Week's End
MIAMI (CBS4) ―
The nation's unemployment rate on Friday jumped to 5.5 percent in May - the biggest monthly rise since 1986. 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.
On Monday, South Florida drivers started yet another work week with high gas prices - a gallon of regular topping $4 in Miami and Fort Lauderdale.
On Tuesday, there was more fallout from gasoline prices as General Motors announced cuts in its SUV and pickup truck production plants. One vehicle being considered for scaling down is the Hummer.
It was a day when Florida Power and Light asked to pass on its higher fuel costs to its customers in South Florida – at least a 16-percent increase – which would take effect in August.
On Wednesday, crude oil prices took a brief dip though not enough to help the struggling airline industry as United joined other carriers in grounding some planes and cutting jobs.
On Thursday, there was some good news as retailers said sales were up more than expected possibly because consumers were spending government stimulus checks. The big winners turned out to be discount stores such as Wal-Mart and Costco.
Friday was when the U.S. Labor Department announced disappointing employment news. The unemployment rate soared from 5 percent in April to 5.5 percent in May. That was the biggest one-month jump in the rate since February 1986.
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