U.S. Job Growth Stopped Dead In Its Tracks
Tweet
Share
E-mail
Get Alerts MCD Hot Sheet
Join SI Premium – FREE
US stocks are tumbling Friday morning following a much worse-than-expected jobs report from the Labor Department's Bureau of Labor Statistics. The data marks the slowest pace of job growth since November of last year.
The U.S. economy added 54,000 nonfarm jobs during the month of May, down from a revised reading of 232,000 jobs gained during April and sharply below the 165,000 gain economists had been expecting.
Job growth to the private sector totaled 83,000, down 168,000 jobs from a revised 251,000 for the month of April. The Street had been looking for a private sector reading of 170,000.
Manufacturing companies actually lost jobs during the month, down 5,000 from modest growth of 24,000 in April. Economists had expected manufacturing payrolls to rise 10,000.
The unemployment rate edged higher from 9.0 percent to 9.1 percent, 20 basis points above the economist estimate of 8.9 percent.
To make the Friday jobs report even more dismal, traders are noting a recent massive hiring initiative at McDonald's (NYSE: MCD) over the last two months. We have heard the fast-food retailer may have hired anywhere from 20,000-50,000 new employees last month, however no official number from the company has been released.
The U.S. economy added 54,000 nonfarm jobs during the month of May, down from a revised reading of 232,000 jobs gained during April and sharply below the 165,000 gain economists had been expecting.
Job growth to the private sector totaled 83,000, down 168,000 jobs from a revised 251,000 for the month of April. The Street had been looking for a private sector reading of 170,000.
Manufacturing companies actually lost jobs during the month, down 5,000 from modest growth of 24,000 in April. Economists had expected manufacturing payrolls to rise 10,000.
The unemployment rate edged higher from 9.0 percent to 9.1 percent, 20 basis points above the economist estimate of 8.9 percent.
To make the Friday jobs report even more dismal, traders are noting a recent massive hiring initiative at McDonald's (NYSE: MCD) over the last two months. We have heard the fast-food retailer may have hired anywhere from 20,000-50,000 new employees last month, however no official number from the company has been released.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- FOMC minutes from July 28-29th meeting
- This China e-commerce stock is "very cheaply valued"
- This stock is "a clear buy" after recent pullback
Create E-mail Alert Related Categories
Economic Data, Hot ListSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
