Unemployment rose to 8.2 percent in May. The Dow Jones Industrial Average plummeted 275 points, or 2.2 percent, to 12,119, the S&P 500 tumbled 32.3 points, or 2.5 percent, to 1,278 and the Nasdaq Composite sold off by 79.9 points, or 2.8 percent, to 2,747 at news of the jobless uptick.
“The U.S. jobless rate rose to 8.2 percent from 8.1 percent in April, the Labor Department said. That report does not include the number of people who are unemployed and have given up looking for employment.
“To make matters worse, the number of jobs added in March and April was revised down by 49,000,” a published report by BBC News Business stated.
“There are five million fewer jobs in the U.S. than there were when the recession began,” that report noted.
Joblessness continues to drag on the nation’s economy.
A weaker than expected U.S., and troubled Euro zone economy, has been dragging down the price of oil. At 11 a.m. (CDT) on Friday, June 1, oil prices continued to plummet, hitting $82.98 a barrel, down $21.62 a barrel in May. According to CNN Money, unleaded gasoline wholesale prices were falling dramatically, to $2.64 a gallon for July contracts.
It’s nice to have lower gasoline prices, but at what price? If the economy continues to show miniscual signs of job growth, there may be a return to a recessionary slump.
On the housing front, foreclosures were down in May, with short sales breezing by the number of foreclosed homes for the first time since the housing bubble burst in 2006.
The economy remains the key issue in the upcoming presidential election.