Job growth drops to 38,000 in May

Job growth drops to 38,000 in May

(Talk Media News)

Washington (Talk Media News) – The U.S. added 38,000 jobs in May, a decline from 123,000 in April, according to data released Friday by the Labor Department’s Bureau of Labor Statistics.

Friday’s numbers represent the fewest jobs added since September of 2010.

The Obama administration attributed the decline to loss in mining jobs along with a drop in jobs in the information sector due to the strike among Verizon workers.

Jason Furman, the Chair of the White House’s Council of Economic Advisers, described the amount added as “considerably below both expectations and the pace of growth in recent months,” but noted that May’s report still represents 75 months of job growth.

Republicans were quick to leap on the news as a sign that the administration is under performing.

Donald Trump, the Republican party’s presumptive nominee for President, cast the number of jobs added as a “bombshell!” on Twitter.

The numbers come amid a pending decision from the Federal Reserve to hike interest rates over the summer, a move that now appears less likely since the economy appears to be in weaker shape than expected.

The unemployment rate, which does not account for those who have ceased looking for work, dropped .3 percent from April to 4.7 percent.

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