May employment report: Economy adds 175K jobs - CBS News
A modest figure, but one that exceeded expectations by a slight amount. Also important to note is the loss of 14,000 positions at the federal level, reflecting budget cuts, and a sizable decline in manufacturing employment (8k). The full and official report can be found here:The U.S. economy added 175,000 jobs in May, a gain that shows employers are hiring at a still-modest but steady pace.
The Labor Department said Friday that the unemployment rate rose to 7.6 percent from 7.5 percent in April. The increase occurred because more people began looking for work, a healthy sign. About three-quarters found jobs. The rest added to the ranks of the unemployed.
The government revised the job figures for the previous two months. April's gains were lowered to 149,000 from 165,000. March's figure was increased slightly to 142,000 from 138,000. The net loss was 12,000 jobs.
Employers have added an average of 155,000 jobs in past three months, below the average of 237,000 created from November through February.
Employment Situation Summary