US generates paltry 38,000 jobs in May

[WASHINGTON] The US economy generated a paltry 38,000 net new jobs in May, a quarter of that expected, in a surprise report that could sway the Federal Reserve to refrain from raising interest rates.

But the Labour Department reported Friday that the overall US unemployment rate fell to 4.7 per cent from 5.0 per cent in April, based on data from a volatile household survey that showed a large fall in the size of the civilian labor force.

AFP