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U.S. Jobs Growth Slows Sharply
American businesses added only 75,000 jobs in May compared with an expected 175,000 positions, according to the U.S. Dept. of Labor.
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American businesses added only 75,000 jobs in May compared with an expected 175,000 positions, according to the U.S. Dept. of Labor.
The country added 224,000 jobs in April. Monthly average growth over the previous three months was a downwardly revised 151,000 jobs.
But the department says U.S unemployment remained steady at 3.6% in May, its lowest in 49 years. Average hourly earnings grew by 3% year on year, less than forecast.
Jobs growth in May slowed in manufacturing, construction and business services. Retail and government jobs shrank.
Earlier this week the Federal Reserve said it might consider lowering interest rates if sufficient indicators dictate a need for action.
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