U.S. Jobs Gains Fewest in 5 Years

Saturday, June 4, 2016

 

U.S. employers drastically slowed their hiring in May, adding just 38,000 jobs, the fewest in more than five years and a sign of concern after the economy barely grew in the first three months of the year. The much-weaker-than-expected figure raised doubts that the Federal Reserve will increase the short-term interest rate at its next meeting in mid-June or perhaps even at its meeting in late July. The Labor Department said today, the unemployment rate tumbled to 4.7% in May from 5%, its lowest point since November 2007. The rate fell for a problematic reason: Nearly a half-million jobless Americans stopped looking for work and so were no longer counted as unemployed.

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