Unemployment Numbers and Oil Prices Spike
Jun 6th, 2008 by Shaun Carter
National unemployment numbers were released this morning and the monthly increase in unemployment was the largest in 22 years, signaling the economy continues to slip.
Crude oil futures also spiked 5% first thing in the morning to about $134/barrel. The trend of oil had been moving downward over the last few trading days, but has quickly reversed amid rumors surrounding production issues in the Middle East.
With unemployment hitting 5.5% nationally, although much higher in my home state of Michigan, and crude oil rising - it is only a matter of time before we begin to see the effects of a severe economic crisis.
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