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May Jobs Report: 138000 More On Payrolls; Unemployment Dips Slightly

May Jobs Report: 138000 More On Payrolls; Unemployment Dips Slightly

Yet even about 100,000 payroll additions a month would be enough to further nudge down the jobless rate, and the tight market is expected to push upstill-measured wage growth, juicing spending and the economy.

The unemployment rate hit a 16-year low in May but the pace of hiring slowed as the economy added 138,000 jobs - well below expectations. Economists say the main reason is that the proportion of adults who either have a job or are looking for one has remained unusually low. Most of the growth is in support activities. The labour department also cut 66,000 jobs from its estimates for April and March.

One in every 50 new jobs added in the United States in 2016 was in the solar industry.

While the number of new jobs created in May was below the 180,000 that economists had been expecting, the U.S. has now added jobs for 80 consecutive months.

During the month, job growth took hold in a number of broad industries.

The pace of job creation in the USA slowed by more than expected in May, and less participation in the labor market helped to push the unemployment rate to a 16-year low.

"After more than 130 days in office, President Trump has yet to show us he is serious about creating jobs and raising wages across the country", said Sen.

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In London, the FTSE 100 had climbed more than 50 points to touch a new all-time high of 7599 earlier in the session, but the steam later came out of the rally and it was dampened further by the USA figures though remained ahead of its opening mark. Job gains have averaged 121,000 over the last three months, a deceleration from an average of 181,000 over the last 12 months. Last month's drop came as people left the labor force.

As recently as Thursday, Trump said that a million jobs were created since he took office.

The unemployment rate is expected to have remained in May at 4.4 percent, a low figure that historically has reflected a healthy job market.

Forty five percent of US employers plan to hire full-time, permanent employees in the second quarter - a significant jump from 34 percent a year ago and the highest percentage for the quarter dating back to 2007, according to CareerBuilder's latest forecast. The food services sector added 30,000 jobs, bringing its year over year increase to 267,000.

A separate survey released Wednesday by ADP Research Institute and Moody's Analytics showed that private employers added 253,000 jobs in May. Manufacturers let go of 1,000.

Jim O'Sullivan of High Frequency Economics was among those who said the weakness in job creation last month likely was due to volatility and distortions from seasonal adjustments applied to the data.

Prior to the report, USA financial markets had nearly priced in a 25 basis points increase in the Fed's benchmark overnight interest rate this month, according to CME FedWatch.

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