u.s jobless rate jumps to 5pcent

U.S. jobless rate jumps to 5% as payrolls grow 18,000

By Rex Nutting
Last update: 8:30 a.m. EST Jan. 4, 2008Print RSS Disable Live Quotes

WASHINGTON (MarketWatch) - The unemployment rate shot up to 5% in December as job growth stalled, a sign that the U.S. economic slump has spread to the labor market. U.S. seasonally adjusted nonfarm payrolls rose by 18,000 in December, the weakest job growth since August 2003, according to a survey of thousands of businesses. Job growth was revised up by a total of 10,000 in November and October. Economists were expecting payrolls to increase about 58,000 in December. Private-sector payrolls fell by 13,000, the biggest decline in more than four years. A separate survey of households showed employment plunging by 436,000, marking the biggest decline in five years. The number of unemployed adults rose by 474,000, pushing the unemployment rate up to 5.0% from 4.7%.