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What goes around, comes around. No wonder Obama is on the circuit making legacy speeches, Hillary wants to lateral pass the economy to Bill, and there must be heart palpitations being induced in the Eccles Building this morning. 
Employers in May added the fewest number of workers in almost six years, reflecting broad cutbacks that may raise concern about U.S. growth and prompt Federal Reserve policy makers to put off an increase in interest rates.
The addition of 38,000 workers, the fewest since September 2010, followed a 123,000 advance in April that was smaller than previously estimated, a Labor Department report showed Friday. The increase in May was less than the most pessimistic forecast in a Bloomberg survey. The jobless rate dropped to 4.7 percent, the lowest since November 2007, as Americans left the labor force.
Smaller employment gains reduce the odds of a more pronounced upturn in household spending and economic growth after a poor start to the year. Fed officials will take into account more judicious hiring, at a time when corporate profits are on a downswing and global markets remain weak, as they consider whether to raise interest rates again...
...Revisions to prior reports subtracted a total of 59,000 jobs from payrolls in the previous two months...
...A bright spot in the report was worker pay. Average hourly earnings rose by 0.2 percent in May after a 0.4 percent gain in April that was a bit stronger than initially reported. Worker pay increased 2.5 percent over the 12 months ended in May.
The addition of 38,000 workers, the fewest since September 2010, followed a 123,000 advance in April that was smaller than previously estimated, a Labor Department report showed Friday. The increase in May was less than the most pessimistic forecast in a Bloomberg survey. The jobless rate dropped to 4.7 percent, the lowest since November 2007, as Americans left the labor force.
Smaller employment gains reduce the odds of a more pronounced upturn in household spending and economic growth after a poor start to the year. Fed officials will take into account more judicious hiring, at a time when corporate profits are on a downswing and global markets remain weak, as they consider whether to raise interest rates again...
...Revisions to prior reports subtracted a total of 59,000 jobs from payrolls in the previous two months...
...A bright spot in the report was worker pay. Average hourly earnings rose by 0.2 percent in May after a 0.4 percent gain in April that was a bit stronger than initially reported. Worker pay increased 2.5 percent over the 12 months ended in May.
The report showed weakness in sectors vulnerable to slow overseas markets and the cutbacks in energy investment, along with hiring slowdowns in services.
Factories cut employment for the third time in the last four months, while construction companies shed 15,000 jobs.
The payrolls figure also reflected a work stoppage at Verizon Communications Inc. that Labor Department data showed involved some 35,100 workers, the most in four years. Those workers were idle for the entire payroll survey pay period, which includes the 12th of the month...
Factories cut employment for the third time in the last four months, while construction companies shed 15,000 jobs.
The payrolls figure also reflected a work stoppage at Verizon Communications Inc. that Labor Department data showed involved some 35,100 workers, the most in four years. Those workers were idle for the entire payroll survey pay period, which includes the 12th of the month...
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