Job Losses and Surge in Oil Spread Gloom on Economy - NYTimes.com

Job Losses and Surge in Oil Spread Gloom on Economy - NYTimes.com: "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."

By PETER S. GOODMAN Published: June 7, 2008 New York Times. "The weak jobs report, coupled with a staggering rise in the price of oil — up a record $10.75 a barrel to more than $138 — unleashed a feverish sell-off on Wall Street, sending the Dow Jones industrial average down nearly 400 points. The dollar plunged against several major currencies."

"For tens of millions of Americans struggling to pay bills, the jobs report added an official stamp of authority to a dispiriting reality they already know: A deteriorating labor market is eliminating paychecks just as they are needed to compensate for the soaring cost of food and fuel, and as the fall in house prices hacks away at household wealth and access to credit," reports New York Times.

Things are getting "ugly". For the presidential candidates the economy is a crucial issue.

What about Europe? We still have minor signs of a slow down. Loan rates are rising. Food prices are increasing. Fewer houses and apartments are sold. Nokia's share price is at a staggering low and still the company is making tons of money. People and investors are anticipating problems ahead. They have to use their money for food and energy instead of newer electronic gadgets.


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