Total falls 122,000 short of economists’ expectations ahead of crucial Federal Reserve meeting, but unemployment rate dips to 4.7%
The US economy added just 38,000 jobs in May – 122,000 fewer than expected and the weakest growth since 2010. The unemployment rate slipped down to 4.7%, the Department of Labor announced on Friday.
The report added to concerns that the US economy is slowing, ahead of a crucial meeting of the Federal Reserve, and was immediately seized on by Republican presidential candidate Donald Trump. “Terrible jobs report just reported. Only 38,000 jobs added. Bombshell!” he wrote on Twitter.