United States (Mckoy’s News) – United States Adds Fewer Jobs Than Expected: US employers added fewer jobs than expected in May, but the unemployment rate dipped further as the economy headed toward full employment.
The unemployment rate last month was 4.3%, falling a 10th of a percentage point to its lowest level since 2001, the US Labor Department said on Friday.
But payrolls increased by just 138,000. Economists had expected growth of more than 180,000.
Official job creation figures for March and April were also revised down.
The jobs report is a closely watched barometer of the US economy and one of the metrics the US central bank considers as it sets interest rates.
A number of reports have shown that US growth in the first quarter was weak. Federal Reserve officials have said they are monitoring the figures, but believe the slowdown is temporary.
Some slowdown in job creation has been expected, as the labour market heads deeper into one of the longest expansions in US history.
But the 138,000 jobs added in May marked a sharp deceleration from the average monthly gain of 181,000 over the previous 12 months.
Contributed by: Collin O Jarrett