Quantcast
Channel: Lehigh Valley Breaking News: Breaking News
Viewing all articles
Browse latest Browse all 6469

U.S. economy only creates 69,000 jobs in May; unemployment rate ticks up to 8.2 percent

$
0
0

Numbers from the previous two months are revised down 49,000.

JOBSView full sizeJob seekers gather for employment opportunities at the 11th annual Skid Row Career Fair on Thursday at the Los Angeles Mission in Los Angeles.
U.S. employers created 69,000 jobs in May, the fewest in a year, and the unemployment rate ticked up. The dismal jobs figures could fan fears that the economy is sputtering.

The Labor Department also says the economy created far fewer jobs in the previous two months than first thought. It revised those figures down to show 49,000 fewer jobs created. The unemployment rate rose to 8.2 percent from 8.1 percent in April, the first increase in 11 months.

Dow Jones industrial average futures, which were already down 100 points before the report, fell an additional 100 points within minutes of its release.

The yield on the benchmark on the 10-year Treasury note plunged to 1.46 percent, the lowest on record, suggesting investors are flocking to the safety of U.S. government bonds.

The price of gold, which was trading at about $1,550 an ounce before the report, shot up $30. For much of the past three years, investors have seen gold as a safe place to put their money during turbulent economic times.

The economy is averaging just 73,000 jobs per month over the past two months — roughly a third of 226,000 jobs created per month in the January-March quarter.



Viewing all articles
Browse latest Browse all 6469

Trending Articles



<script src="https://jsc.adskeeper.com/r/s/rssing.com.1596347.js" async> </script>