WASHINGTON (MarketWatch) -- Job growth decelerated sharply in May, the Labor Department said Friday. Total nonfarm payrolls increased by 54,000, much lower than the 125,000 gain expected by Wall Street economists.
This is the smallest increase in nonfarm payroll since September. The unemployment rate ticked higher 9.1% in May from 9.0% in the previous month. Economists forecast the unemployment rate to fall to 8.9%. Average hourly earnings increased 6 cents, or 0.3% to $22.98. Economists had been expecting a 0.2% gain. Earnings are up a slim 1.8% in the past year. The average workweek was steady at 34.4 hours.
Friday, June 03, 2011
The only people who weren't expecting this were the government economist's
Posted by traderrob at 5:37 AM