U.S. Payrolls Rose Less-Than-Estimated 54,000 in May; Jobless Rate Is 9.1%

[tekisui]

Source: Bloomberg

U.S. employers in May added the fewest number of workers in eight months and unemployment unexpectedly rose to 9.1 percent, underscoring Federal Reserve concerns the expansion is failing to boost the labor market.

Payrolls increased by a less-than-projected 54,000 last month, after a revised 232,000 gain in April that was smaller than initially estimated, Labor Department figures showed today in Washington. The median forecast in a Bloomberg News survey called for payrolls to rise 165,000. The jobless rate climbed to the highest level this year from 9 percent a month earlier.

Stock-index futures fell and Treasuries jumped as the report fanned concern growth is faltering amid a pullback in consumer spending, which comprises about 70 percent of the economy. The figures raise the odds Fed policy makers will hold interest rates close to zero into next year, said Julia Coronado, chief economist for North American at BNP Paribas in New York.

“These are pretty bleak numbers,” Coronado said. “Some of the engines of hiring just went away. Combined with the slowdown in consumer spending, it raises concern that the slowing in hiring could be with us for a while.”

more: http://www.bloomberg.com/news/2011-06-03/payrolls-in-u-s-rose-54-000-in-may-least-in-8-months-unemployment-9-1-.html

[BernieSandersIsGod]

1. This just isn't going to get better with the current congress. Obama and the US is screwed. NT