US adds modest 138000 jobs, dropping unemployment to 4.3 percent

Jun 03, 2017, 02:05

The government revised its March and April job totals downward by a total of 66,000.

USA job growth likely remained strong in May, a further sign of an acceleration in economic activity that would effectively seal the case for an interest rate increase this month despite sluggish wage gains.

Economists surveyed by CNNMoney predict the USA added 179,000 jobs in May and that the unemployment rate remained at 4.4%, its lowest level in a decade.

"Even though job growth slowed, it's still well above where it needs to be to keep up with the working-age population growth", said Jed Kolko, chief economist at Indeed, an online recruiting site. Employers have added more than 2 million jobs in the past year, and a month or two of slow growth isn't unusual.

WASHINGTON-The unemployment rate fell to the lowest level in 16 years even as the pace of hiring slowed in May. It has dropped five-tenths of a percentage point this year.

The decline in the unemployment rate came as the number of people outside the labour force - neither working nor looking for work - increased in May.

Employment in food services and drinking places also continued to trend up in May (+30,000) and has grown by 267,000 over the past 12 months.

The unemployment rate is forecast to be unchanged at a 10-year low of 4.4 percent.

Wonder Woman film faces calls for it to be banned in Lebanon
Both officials at Lebanon's Economy Ministry and Warner Bros ., which released the film, have reportedly declined to comment. Meanwhile, Gadot recently revealed she wanted to give up acting before she landed the role.

Russian navy fires cruise missiles at IS in Syria
The Russian Defense Ministry announced on Wednesday that four cruise missiles were fired at ISIS targets in Palmyra, Syria. Russian Federation has been carrying out air and missile strikes in support Syrian President Bashar al-Assad since 2015.

Trump Had Second Thoughts About Firing Flynn, Still Supports Him
The Justice Department on Friday distributed prepared remarks that Rosenstein delivered to Congress in separate briefings. Trump reportedly added, "I'm not under investigation".

The U.S. central bank raised interest rates by 25 basis points in March.

The signs of renewed vigor in the economy and labor market tightness could encourage the Federal Reserve to raise interest rates later this month.

The Atlanta Fed is forecasting GDP increasing at a 4.0 percent pace in the second quarter.

Another month of mediocre wage growth is further evidence. For workers who aren't supervisors, average hourly pay has risen just 2.3 percent. Average hourly earning could, however, surprise on the low side because of a calendar quirk.

Wages are up, but not as much as might be expected, he added. More part-timers are finding full-time work.

Layoffs also are at 40-year lows, which analysts say is because companies fear they may not be able to replace workers they let go.

"The Employment Situation report for May 2017 is surprisingly weak across the board", said Harry Holzer, author of Where Are All The Good Jobs Going?

President Trump's chief economic advisor Gary Cohn has said in recent months that the administration is focused on bringing the underemployment rate down. A broad measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they can not find full-time employment, fell two-tenths of a percentage point to 8.4 percent, the lowest since November 2007. USA stock index futures trimmed gains. Payroll processor ADP estimated that businesses added 253,000 jobs last month. Ford Motor Co said last month it planned to cut 1,400 salaried jobs in North America and Asia through voluntary early retirement and other financial incentives.

YOU MIGHT ALSO LIKE
  • Washing hands in cold water as good as hot

    Washing hands in cold water as good as hot

    Just a short rub of the hands made a major difference the study, published in the Journal of Food Protection , found. They repeated these tests several times over six months.
    United States  urges Rouhani to end ballistic missile tests

    United States urges Rouhani to end ballistic missile tests

    A supporter of Iranian President Hassan Rouhani celebrates victory in Tehran, Iran , May 21, 2017. He said Iran was still forming its judgement of the Trump administration.
    Irish PM Kenny steps down as party leader

    Irish PM Kenny steps down as party leader

    Donegal Junior Minister Jo McHugh has declared he will be supporting Leo Varadkar in the race for leadership of Fine Gael. A number of politicians, including the departing Finance Minister Micheal Noonan, have not yet said who they will back.
  • Video captures deadly confrontation at Greenville vehicle dealership

    Greenville officials have released video and new details after three men were shot to death at an East Texas auto dealership. Peters says Hutchinson had been sought since March for failure to appear in court in Hennepin County.
    Trump says Jared Kushner is 'doing a great job'

    Trump says Jared Kushner is 'doing a great job'

    The Trump relative suggested Russian diplomatic facilities in the U.S. for the private talks, Kisylak reportedly said. Aides said Trump was expected to meet with lawyers as early as Sunday, the New York Times reported . "Mr.

    Fresh from his travels, Trump rails on Twitter about 'fake news'

    Other reports about Kushner's interactions with Russian officials have surfaced in recent days in other major news outlets, including The Washington Post.
  • Manchester police release images of bomber moments before arena blast

    MI5 has opened an internal review after Abedi slipped down the list of suspects under investigation, despite the tip-off. The May 18-22 timeline is crucial, because it's known that Abedi returned from Libya just a few days before the bombing.
    THIS is what Katrina Kaif will play in 'Thugs of Hindostan'

    THIS is what Katrina Kaif will play in 'Thugs of Hindostan'

    After the very big success of Dangal , it was only needless to say that all the eyes were being trained on Aamir Khan's next film. However, Aamir Khan's wife and filmmaker Kiran Rao , in a recent interview to news agency PTI, refuted the reports.
    Jharkhand villagers clash with police over child lifter rumours

    Jharkhand villagers clash with police over child lifter rumours

    In the first incident, two people were beaten to death in the Sosomoli village, DIG (Kolhan region) Prabhat Kumar told PTI. Several tribal leaders conceded the people were guarding the villages with bows, arrows and Lathis.
  • Trump to speak at Arlington cemetery on Memorial Day

    Horton of the Oklahoma National Guard as Byers' tearful parents and Horton's emotional widow looked on. Binyon's poem written during World War 1. "Age shall not tired them, nor the years condemn.
    Justin Trudeau photobombs students posing for Prom, Twitter jealous

    Justin Trudeau photobombs students posing for Prom, Twitter jealous

    Last August, a shirtless Justin Trudeau photobombed a wedding while he was on his way to surf on a beach in Tofino. The resulting photos of Trudeau photobombing students' prom photos are endearing and hilarious.
    Swedish prosecutors drop Julian Assange rape investigation

    Swedish prosecutors drop Julian Assange rape investigation

    However, Assange is still not a free man, since he can be prosecuted anytime till 2020 if he chooses to return to Sweden. He claimed they were made up as part of a plot to see him extradited to the U.S. over his involvement with WikiLeaks.
popular