Whether or not it (cum laude, magna cum laude, summa cum laude) is commonly used here, I think employers realize it's a mark of academic excellence. On your resume (I refuse to use the term CV--curriculum vitae--unless you have a Ph.D., the only time Americans refer to that piece of paper as such).
For anyone wondering what it all means, "cum laude" means you graduated "with distinction," grade-wise. "Magna cum laude" means you graduated with great distinction. "Summa cum laude" means "with highest distinction." In practical terms, if you graduate cum laude, you were in the top 20 percent of your class (major/course of study) when you graduated. Magna cum laude indicates you were in the top 10 percent of your graduating class. Summa cum laude, the highest honor, indicates you were in the top 5 percent of your class.
So, for resume purposes here, I'd suggest including that, but in a low-key way:
B.S. in Engineering (summa cum laude), University of Michigan, 1998
As a simple example, say you were one of 100 people who received a business degree from such-and-such uni in 2004. If you graduated cum laude, that means you and 19 other people--20 percent of all people graduating with a business degree that year--had the highest overall grades out of the total 100 graduates. If you graduated magna cum laude, you and nine other people had the highest overall grades out of the 100 graduates. If you graduated summa cum laude, you and four other people had the highest overall grades out of the 100 graduates. American universities work on a grade-point-average (GPA) scale, the details of which I won't bore you with here.