In a dramatic slowdown, U.S. companies slowed hiring to a crawl with only 38,000 jobs being created for the month of May far below what many economist expected. This job report by the Bureau of Labor Statistics showed, the unemployment rate declined by 0.3 percentage point to 4.7 percent, and the number of unemployed persons declined by 484,000 to 7.4 million. Both measures had shown little movement from August to April.
Two areas which have been problematic for the economy as the labor participation rate decline again. In May, the civilian labor force participation rate decreased by 0.2 percentage point to 62.6 percent. The rate has declined by 0.4 percentage point over the past 2 months, offsetting gains in the first quarter. The employment-population ratio, at 59.7 percent, was unchanged in May.
Check out the labor report;
Read more from the Wall Street Journal on the impact of this report.
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