U.S. May unemployment rate soared Fed rate hikes may come to naught.

U.S. unemployment rate hit a 22-year in May the biggest monthly increase since that has been involved in the crash and gasoline prices soaring price of U.S. consumers are also facing a weak job market caused by increasing pressure. .<P> (Http://finance.) Dampen the financial market-related data or the Federal Reserve (Fed) rate hike as early as the autumn forecast. .Latest data show that U.S. non-farm employment declined the fifth consecutive month. .</ P> <P> the U.S. Labor Department reported that a survey based on commercial terms, May non-farm employment fell by 49,000 people, spread to the wider range, including manufacturing, construction, retail trade and business services industries .employment have declined. .April and March non-farm payrolls dropped by 28,000 and 88,000 people, and two months, following a revised decline are slightly expanded. .</ P> <P> According to a survey for the home, in May the unemployment rate rose 0.5 percentage points to 5.5% in October 2004 for the highest level since. .The survey also showed that employment fell by 28.5 million people in the month, the number of unemployed grew by 86.1 million people. .</ P> <P> deputy director of the U.S. Bureau of Labor Statistics, said Philip Jones, a substantial increase in the unemployment rate last month showed that more people lose their jobs, and first-time job and re-increase the number of job seekers. .He suggest that because young people entering the labor market, April to July of the household survey results may be volatile. .</ P> <P> 5 average, the hourly wage increase of $ 0.05, to $ 17.94, an increase of 0.3%. .Month a year earlier, average hourly wages rose by only 3.5%, indicating that wage costs remain subdued. .</ P> <P> Fed officials expect the economic slowdown of inflation to offset the inhibitory effect of energy, food, commodity prices and the impact of a weaker U.S. dollar to control inflation. .</ P> <P> Fed Chairman Ben? Bernanke (Ben Bernanke) said Wednesday it is important that, now almost 70 does not appear in the early 20th century, as the wage and price spiral of the situation. .Friday's payroll data to support this view. .</ P> <P> according to Dow Jones survey of Wall Street economists had expected May U.S. employment fell by 60,000, the unemployment rate was 5.1%. .</ P> <P> from last September to April of this year, Fed lowered the federal funds target rate seven times the level of rate cuts totaling 3.25 percentage points, the market is expected this summer, Fed officials will at least keep interest rates unchanged. .May before the release of employment data, financial market prices have been included in the first Fed rate hike in the fall. .But in May the unemployment rate rising, Wall Street expected interest rate increase may be weakened. .</ P> <P> However, Fed officials hinted in recent weeks, even as the economy remained weak, is unlikely to cut interest rates further. .</ P> <P> determine the economic outlook for the labor market is critical. .Before last month, although the demand for commodities has been in the housing market downturn, soaring energy prices dragged down under the lower, but still maintain an adequate labor market resilience, supporting consumer spending. .For example, despite record high gasoline prices in the lead car sales down, but Wal-Mart Stores Inc. (Wal-Mart Stores Inc) and other strong retail sales in May, may direct that the United States at least some of the tax rebate for families .consumption. .</ P> <P> but this may change. .Economists worry that American families unable to withstand the decline in employment and food, the double impact of rising energy prices, especially in the case of a weak labor market. .</ P> <P> data released on Friday, May kind of commodity production sector employment fell 57,000. .One class of companies manufacturing employment fell by 26,000, the number of such companies to reduce employment situation has continued for nearly two years. .</ P> <P> architectural firm employment fell 34,000, to 11 months of consecutive decline. .</ P> <P> 5 月份 service sector employment increased by only 8,000 people. .Business and professional services employment fell by 39,000 companies; financial sector employment fell by 1,000. .Retail employment fell by 27,100 people, for the 6th consecutive month of decline. .</ P> <P> 5 月份 temporary employment decreased by 3 million people. .Consistent with recent trends, the increase in employment is still concentrated in personal services industry, the industry's labor-intensive than manufacturing and other services. .Education and health services employment increased by 54,000; leisure and hotels sector employment increased by 12,000 people. .Government employment increased by 17,000 people. .</ P> <P> average workweek was unchanged at 33.7 hours. .Another statistical index of working hours per week total declined slightly. .</ P>.