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Unemployment in US stays at 3.6% with 75,000 new jobs

Darpan News Desk IANS, 07 Jun, 2019
  • Unemployment in US stays at 3.6% with 75,000 new jobs

The unemployment rate in the US remained at 3.6 per cent in May, although only 75,000 jobs were created, the government said on Friday.

The US economy continued at a level close to full employment but the slowdown in the creation of new jobs, below the expectations of analysts who had anticipated some 185,000, has raised concerns about a possible weakening of the labour market, Efe news reported.

The average salary rose in May by six cents per hour to $27.83.

In the last 12 months, wages have increased by 3.1 per cent.

The participation rate in the labour force, the proportion of Americans who are employed or looking for a job, did not change and continued at 62.8 per cent, the same level as in April.

It was the 104th month in which employment has grown consecutively in the US, the longest ever streak in the labour market.

The Federal Reserve has reiterated that it will show patience in regard to future increases in interest rates for the remainder of the year, rates are currently between 2.25 per cent and 2.5 per cent.

The unemployment data added pressure ahead of the meeting of the Fed on June 18 and 19, after the central bank said it was open to considering a possible drop in the face of concern over the escalation in trade tensions between the US with China and Mexico.

 

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