US job growth slows; unemployment rate drops to 4.3 percent

US job growth slows; unemployment rate drops to 4.3 percent

The May report from the U.S. Bureau of Labor Statistics has something for everyone: Good indicators, bad indicators, and a near-historic low in overall unemployment.

Nonfarm payrolls increased 138,000 last month as the manufacturing, government and retail sectors lost jobs. That was a lot less than 180,000 expected and April's 174,000, a number that was revised down from 211,000 originally reported.

"Job growth in May was soft and there were downward revisions to job growth in March and April as well", said PNC economists Gus Faucher and Stuart Hoffman.

In the past two years, the U-3 rate has returned to the prerecession levels that economists consider full employment.

"If this remains the case, job growth will stay at this slower pace throughout 2017", they said.

LONDON, June 2 The dollar retreated slightly after disappointing U.S.jobs growth data on Friday though world stocks clung on to record highs, having gained 11 percent so far this year.

America's job market may be losing steam. Retailers and manufacturers shed jobs and leisure and hospitality, a category that includes restaurants, increase at a slower rate. Hospital employment grew by 7,400 jobs.

Most analysts still expect the Fed to increase the benchmark lending rate later this month, but expectations for another increase in September could be in doubt. That rate has fallen even more sharply than the unemployment rate over the past year. Payroll processor ADP reported that in a private survey of companies, it found that a hefty 253,000 jobs were added in May, mostly among companies with fewer than 500 workers. Goldman Sachs says the trend will continue to reduce monthly job gains by about 10,000. The White House is preparing for a fight over raising the federal debt limit and approving government funding that, if not resolved, could rock the U.S. economy and global stock markets and cause the Fed to put its plans on hold. A 0.2 per cent raise in the average hourly earnings was estimated for the month of May compared to 0.3 per cent in April. Job gains have averaged 121,000 over the last three months, a deceleration from an average of 181,000 over the last 12 months. A broad measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they can not find full-time employment, fell two-tenths of a percentage point to 8.4 percent, the lowest since November 2007.

The jobs report was the last major economic indicator to be released before Federal Reserve monetary policymakers gather in Washington on June 13 to decide whether to raise their key short-term interest rate.

"The economy is starting to come back, and very, very rapidly", President Donald Trump said on Thursday, as he announced that the United States will withdraw from the Paris climate accord because it costs too much money and would kill millions of American jobs.

Related news:

Hot News

Curry, Durant power Warriors past Cavs in Game 1, 113-91
Jun 03, 2017 - 05:31
They still have a deep lineup, but now the Cavs have brought in some other players to compete . Not even a 3-1 deficit previous year was enough to faze him.

Huma Abedin Files for Divorce
Jun 02, 2017 - 02:14
The divorce action, labeled "anonymous versus anonymous", was filed in Manhattan Supreme Court, the Associated Press reported. Abedin, a top aide to former Democratic presidential nominee Hillary Clinton , was not present at Friday's hearing.

Germany and China should cooperate on protecting climate - Merkel
Jun 02, 2017 - 02:12
Sensing its moment, China is set to capitalise by taking a leadership role on a key global issue for the first time. While he did not mention the United States or Donald Trump, Mr Li's comments were clearly addressed to Washington.

Trump breaks campaign promise by not moving US Embassy to Jerusalem
Jun 02, 2017 - 02:09
The proposed move is highly controversial as Jerusalem is claimed as the capital of both Israel and a future Palestinian state. The long-standing US position is that Jerusalem's fate must be worked out through Israeli-Palestinian negotiations.

isis-killer-beheading-video-story-top China will continue with climate pact even if United States pulls out
Jun 02, 2017 - 01:54
Rajoy and Modi agreed to boost bilateral cooperation in the field of combatting climate change . Trump said in a Twitter post on Wednesday night that he would make the announcement at 3 p.m.

isis-killer-beheading-video-story-top Bounty hunters, fugitive die in shootout at Texas auto dealership
Jun 02, 2017 - 01:47
The Nissan dealership owner says the two men arrived Tuesday afternoon identifying themselves as federal agents. The dealership owner, Rick Ford, said two of the men waited several hours for the third man to arrive. "Mr.

Wenger's future to be decided by Tuesday
Jun 01, 2017 - 01:19
Unsurprisingly, Wenger is anxious about publicly discussing whether he expects the north London club to offer a new contract. When they equalised, I thought; "here we are". "They've just had a fantastic FA Cup win after an unbelievable 20 years".

isis-killer-beheading-video-story-top LeBron James overtakes Michael Jordan as Cavaliers reach National Basketball Association finals again
May 31, 2017 - 06:33
By the second half, about the only suspense laid in when James would break Michael Jordan's record for playoff points at 5,987. Love sees a confident team that is the defending National Basketball Association champions, as he told Dave McMenamin of ESPN.

isis-killer-beheading-video-story-top Moody's downgrades China's credit rating citing concerns over its growing debt
May 30, 2017 - 06:27
Moody's also cut the rating of 26 state-owned enterprises by one notch, shortly after the main sovereign downgrade. The figures were arguably high compared to some developing countries in the West, but are inches below Japan's.

To many Americans, Memorial Day has lost its meaning
May 30, 2017 - 06:26
Veterans groups say a growing military-civilian disconnect contributes to a feeling that Memorial Day has been overshadowed. The rain cleared out Monday morning bringing crowds of people to downtown Mansfield for the annual Memorial Day Parade .

isis-killer-beheading-video-story-top LeBron James overtakes Michael Jordan for most playoff points in National Basketball Association history
May 30, 2017 - 06:25
According to ESPN Stats & Information, James will enter the Finals as an underdog for the sixth time in eight career appearances. Much more of that sort of that will likely follow over the next week, filling time before Golden State plays host to Game 1.

isis-killer-beheading-video-story-top Brush fire burning in Mandeville Canyon
May 29, 2017 - 09:07
Mandeville Canyon is located just northwest of the Getty Center, but it was unclear if the facility or any homes were threatened. The canyon was shut down at Sunset Boulevard to accommodate firefighting operations, LAFD officials said.

isis-killer-beheading-video-story-top Amid Trump's silence, Russian Federation creeps into first foreign trip
May 29, 2017 - 09:06
US President Donald Trump has spent the last week working and negotiating with foreign leaders. The G-7 includes the U.S., Canada, France, Germany, Italy, Japan, and the United Kingdom.

isis-killer-beheading-video-story-top Dixon, Howard walk away from huge 500 crash
May 29, 2017 - 09:03
It started to turn down, but I'd already picked that way to go. "Hunter-Reay put me into the gray and into the marbles". We're yet to hear from Dixon, but Howard feels bad about what happened and that his incident took out another auto .

isis-killer-beheading-video-story-top Iran's president criticizes US after Trump's sharp words
May 29, 2017 - 09:01
The turnout for this election was historic and unpresented with more than 40 million ballots cast in the presidential race. Ironically, their views are supported by the US government, which sees Iran as a threat, no matter who is in power.