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Washington - US Economy Added 69K Jobs In May, Fewest In A Year

Published on: June 1, 2012 08:42 AM
By: AP
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Washington - U.S. employers created 69,000 jobs in May, the fewest in a year, and the unemployment rate ticked up. The dismal jobs figures could fan fears that the economy is sputtering.

The Labor Department also says the economy created far fewer jobs in the previous two months than first thought. It revised those figures down to show 49,000 fewer jobs created. The unemployment rate rose to 8.2 percent from 8.1 percent in April, the first increase in 11 months.

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Dow Jones industrial average futures, which were already down 100 points before the report, fell an additional 100 points within minutes of its release.

The yield on the benchmark on the 10-year Treasury note plunged to 1.46 percent, the lowest on record, suggesting investors are flocking to the safety of U.S. government bonds

The economy is averaging just 73,000 jobs per month over the past two months — roughly a third of jobs created per month in the first quarter.

Weak job growth could damage President Barack Obama’s reelection prospects. Mitt Romney, the Republican challenger, has made the economy the central theme of his campaign.


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Read Comments (2)  —  Post Yours »

1

 Jun 01, 2012 at 09:12 AM Goldberg Says:

Obama maybe kissing his chances of a 2nd term goodbye.

2

 Jun 01, 2012 at 10:50 AM Ina Says:

Reply to #1  
Goldberg Says:

Obama maybe kissing his chances of a 2nd term goodbye.

Hope we can all make kiddush in November!

3

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