Jobless Rates Jumps to 5.5 Percent - Biggest Rise Since `86

Job seekers wait on line stretching around a block to attend the Monster.com and National Career Fairs job fair in New York, Wednesday May 28 , 2008. The nation's unemployment rate jumped to 5.5 percent in May, the biggest monthly rise since 1986, as nervous employers cut 49,000 jobs. (AP Photo/Bebeto Matthews)
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Washington (AP) The government reports the nation's unemployment rate jumped to 5.5 percent in may. It's the biggest monthly rise since 1986. And the jump comes as nervous employers cut 49,000 jobs last month. It was a dramatic sign of a deeply troubled economy.

The labor department's new report released today showed employment conditions worsening, reflecting the damage from housing, credit and financial crisis.