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Dour US employment report casts doubts on Fed rate hike

Underscoring the report's weakness, employers hired 59,000 fewer workers in March and April than previously reported

Us Economy

Reuters  |  Washington 

The US economy created the fewest number of jobs in more than five years in May as employment in the manufacturing and construction sectors fell sharply, suggesting a deterioration in the labour 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. Underscoring the report's weakness, ...

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First Published: Sat, June 04 2016. 00:15 IST