The U.S. added only 38,000 jobs in May, a sharp slowdown that could push back a move by the Federal Reserve to raise interest rates
Friday, June 3, 2016 8:40 AM EDT
The government reported on Friday that employers added just 38,000 workers in May, a significant slowdown in hiring that could push back a decision by the Federal Reserve to raise interest rates.
The official unemployment rate, however, dropped to 4.7 percent, from 5 percent.
And after showing signs of life in recent months, wages moved up a steady 0.2 percent for the month and a gain of 2.5 percent for the year.
May’s job totals were affected by the more than 35,000 Verizon workers who were on strike and classified as unemployed by the Labor Department. (They returned to work this week.)
“Underlying job growth is going to be stronger than the overall number says,” Diane Swonk, an independent economist based in Chicago, said before the release of the latest figures. “It’s a little bit deceptive in the weakness.”
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