International Janitorial Cleaning Services Association

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Weak U.S. employment report dims prospect of Fed rate hike

03 Jun 2016 12:18 PM | IJCSA - (Administrator)



The U.S. economy created the fewest number of jobs in more than 5-1/2-years in May as manufacturing and construction employment fell sharply, suggesting slippage in the labor market that could make it harder for the Federal Reserve to raise interest rates.

Nonfarm payrolls increased by only 38,000 jobs last month, the smallest gain since September 2010, the Labor Department said on Friday. Employment gains were also restrained by a month-long strike by Verizon workers, which depressed information sector payrolls by 34,000 jobs.

More at source: Reuters

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