Jobs Report Significantly Lower Than Expected
Donald Trump has already weighed in, calling it a "bombshell."
— -- The U.S. economy created significantly fewer jobs last month than expected, despite a dip in unemployment, according to the latest federal jobs report.
About 164,000 new jobs had been expected, but the U.S. Labor Department announced today that only 38,000 were added in May.
Job losses in mining, manufacturing and information services were reported, with job gains largely limited to health care and professional and business services.
Many are reading the report as a sign the Federal Reserve won’t hike rates in June, as it waits to see whether the economic picture improves this summer.
Donald Trump has already weighed in on the jobs report on Twitter.
The jobs numbers are far weaker than anticipated, but the unemployment rate and number of unemployed people did still decline.
The unemployment rate fell to 4.7 percent, marking a 0.3 percent drop from April, and the number of unemployed people declined by 484,000 to 7.4 million.