Jobless Rate Ticks Up To 9.1 Percent; Only 54,000 Jobs Added
The May employment report was weaker than expected.
According to the Bureau of Labor Statistics:
-- The unemployment rate edged up to 9.1 percent from 9.0 percent in April. It had been expected to hold steady or perhaps even edge down a tenth of a point.
-- There were only 54,000 jobs added to businesses' and government payrolls, well below the 150,000 or so that had been forecast and nowhere near the pace needed to reduce unemployment.
We'll be adding more from the report in a few minutes.
Update at 8:37 a.m. ET. BLS says that:
"Private-sector employment continued to trend up (+83,000), although by a much smaller amount than the average for the prior 3 months (+244,000). In May, job gains occurred in professional and business services, health care, and mining. Local government employment continued to trend down. Employment in other major industries changed little over the month."