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07 Jun 08
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The unemployment rate surged to 5.5 percent in May from 5 percent — the sharpest monthly spike in 22 years — as the economy lost 49,000 jobs, registering a fifth consecutive month of decline, the Labor Department reported Friday.
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staggering rise in the price of oil — up a record $10.75 a barrel to more than $138 —
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Sally and Sam on Main Street are already well aware of this, and that’s why sentiment surveys are lower than they were in each of the last two recessions.”
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"We’re beginning to see the signs that the stimulus may be working," Mr. Bush said during a swearing-in ceremony for the housing secretary
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“The wrong change for our country would be an economic agenda based upon the policies of the past that advocate higher taxes,”
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Among the 8.55 million people who were unemployed in May, 1.55 million had been unemployed for 27 weeks or longer. Unemployment benefits now expire after 26 weeks
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The spike in joblessness significantly cooled talk that the Federal Reserve could stop worrying about recession and might soon begin to raise interest rates to choke off rising prices for crucial goods like gasoline and food.
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A chorus of economists has warned that the Fed has unleashed too much easy money, feeding inflation and driving down the dollar.
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