US nonfarm payrolls barely gain 38K in May, weakest since Sep 2010
|US economy added only 38,000 new jobs in May, the weakest performance since September 2010, the Labor Department said Friday. This reading is well below expectations of a 164,000 gain.
Revisions showed employment gains for April and March were revised down by a combined 59,000 jobs.
The unemployment rate however, fell to 4.7% in May from 5.0% in April. Expectations were for a 4.9% rate.
Meanwhile, average hourly wages climbed 0.2% to $25.59. Hourly pay rose 2.5% from May 2015 to May 2016.
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