Unemployment Hits 5.5%

The unemployment rate was 5.5% in May and payroll employment was down by 49,000. The percentage increase in unemployment was the largest in over twenty years, with unemployment at its highest rate since 2004. The economy has lost 324,000 jobs this year and unemployment rose to 8.5 million.

Overall, About.com's US Economy Guide Kimberly Amadeo notes that year-over-year employment declined .11%. Kimberly adds, "The last time year-over-year job growth trended down this severely was in 2001, which led to 29 months of job loss."

This means, of course, that there is more competition for available jobs, but it also means that there are more jobs at risk of being lost. It's important to have your resume ready and to spend some time checking out the job market, so you know what type of jobs are available for someone with your skills - just in case you have to find one.

If you've already lost your jobs, here's information on filing for unemployment. It's important to file as soon as possible, and you may be able to file your unemployment claim online.