Last Month Subpar For Job Creation
U.S. employers created only 54,000 jobs in May, the lowest rate of growth in eight months, according to a report from the Department of Labor.
The national unemployment rate climbed a tenth of one percent during the month, ending at 9.1 percent.
The country had been averaging 220,000 new jobs per month during the prior three months.
Private companies hired only 83,000 new workers in May, far below the prior three-month average of 244,000, according to the DOL.
The few employment sectors that grew in May were professional and business services, accounting and bookkeeping services, health care and computer design services. Other sectors remained mostly flat. Manufacturing lost 5,000 jobs.
The DOL also revised previous job creation estimates downward this morning. It revised its March job creation estimate to 194,000 from 221,000 and its April estimate to 232,000 from 244,000.
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