COOLING OFF

U.S. Payrolls Rise Just 75,000, Way Short of All Forecasts

Estimates in Bloomberg’s survey predicted 175,000, and the surprisingly weak numbers suggest the American labor market is weakening.

U.S. employers last month added significantly fewer workers than all forecasts had predicted. The Bureau of Labor Statistics report released Friday revealed that payrolls rose just 75,000 in May, falling far short of estimates in Bloomberg News’ survey, which predicted 175,000. The numbers are way down from April, when payrolls rose 224,000. Bloomberg describes the numbers as “surprisingly sour” and suggested they show the labor market is weakening ahead of Donald Trump’s proposed tariffs on Mexican and Chinese goods. However, the jobless rate held at a 49-year low of 3.6 percent and average hourly earnings climbed slightly below projections at 3.1 percent.