US employers add modest 138K jobs; rate dips to 4.3 percent

Mining, quarrying, and oil and gas extraction added 7,000 jobs in May, bringing a total of 47,000 jobs since the October 2016 low.

According to the Labor Department, the unemployment rate fell to 4.3 percent from 4.4 percent, which is the lowest it has been since 2001.

The Labor Department said Friday that the unemployment rate fell to 4.3 percent from 4.4 percent.

Those people were not in the labor force, wanted and were available for work and had looked for a job at some time during the prior 12 months.

Wage growth also disappointed, with average hourly earnings rising at a 2.5 percent annualized pace.

He said: "Today's job number probably won't stop the Fed from raising rates".

This measure, however, does not account for those individuals who have dropped out of the labor force-it simply measures the percent of those who did not have a job but actively sought one over the month.

Employment in other major industries, including construction, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, financial activities, and government, showed little change over the month.

Despite the slowdown in job growth last month, the US economy is running neither too hot nor too cold, with growth holding at a tepid but far from recessionary 2 percent annual rate. Many analysts expect the economy to grow at a healthy 3% annual rate in the current quarter after meager 1.2% growth the first three months of the year.

"The US May Jobs report was an ugly one. virtually across the board", said John Hardy, head of FX strategy at Saxo Bank.

The bigger picture is that the jobless rate has fallen by 0.5 percent since the start of the year, with many employers having difficulty finding qualified workers.

"After the recession, we saw employers hire people with higher levels of qualifications, and it seems like that habit has stuck through the recovery", said Cathy Barrera, chief economic adviser at the jobs firm ZipRecruiter. It's only when employers face a shallow pool of job applicants that they tend to feel compelled to raise pay in hopes of hiring people who fit their needs. Average hourly earnings were up 2.5% from a year earlier, the lower end of the range it has been in for about a year.

US employers slowed hiring in May by adding a modest 138,000 jobs; unemployment dips to 4.3 pct.

"The loss of manufacturing jobs in May is a stark reminder of the challenges that face factory workers", Scott Paul, president of the Alliance for American Manufacturing, said in a statement, calling on Trump and Congress to address the United States trade deficit. They also forecast wage growth hovering around 2.6% - a slightly better rate of growth compared to recent years, even though it's still considered sluggish.

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