‘Payrolls Weaken Dramatically’

‘Near-Paralysis In Hiring Was Widespread’

WALL STREET JOURNAL: “The number is out and it doesn’t look good. … Global stocks fall after headline figures on the U.S. jobs report…” (“May Jobs Report: Everything You Need to Know,” The Wall Street Journal, 6/3/16)

• USA TODAY: “May's disheartening retreat, however, was jaw-dropping… the near-paralysis in hiring was widespread.” (“Payrolls Weaken Dramatically: 38,000 New Jobs In May,” USA Today, 6/3/16)

• CNBC: “Job creation tumbled in May…” (“US Created 38,000 Jobs In May Vs. 162,000 Expected,” CNBC, 6/3/16)

• AP: “U.S. employers drastically slowed their hiring in May… much weaker than expected jobs report… dismal jobs report was a surprise…” (“U.S. Economy Creates A Scant 38,000 Jobs In May,” AP, 6/3/16)

• DAVID KOTOK, chief investment officer of Cumberland Advisors: report “a huge disappointment.” (“May Jobs Report: Everything You Need to Know,” The Wall Street Journal, 6/3/16)

• DIANE SWONK, independent economist in Chicago: “Boy, this is ugly … The losses were deeper and more broad-based than we expected…” (“Sharp Fall in U.S. Hiring Lowers Chance of Rate Increase by Fed,” The New York Times, 6/3/16)

‘Labor Market Slowed Dramatically In May’

“The labor market slowed dramatically in May as employers added 38,000 jobs, raising concerns that a sluggish economy is taking a bigger toll on employment…” (“Payrolls Weaken Dramatically: 38,000 New Jobs In May,” USA Today, 6/3/16)

• “Businesses added just 25,000 jobs, led by health care. Federal, state and local governments added 13,000.” (“Payrolls Weaken Dramatically: 38,000 New Jobs In May,” USA Today, 6/3/16)

• “Also discouraging: Job growth for March and April was revised down by a total 59,000. March's tally was revised 286,000 from 208,000, and April's, to 223,000 [from] 460,000.” (“Payrolls Weaken Dramatically: 38,000 New Jobs In May,” USA Today, 6/3/16)

• “Most industries cut jobs last month, the first time that’s happened in several years. The increase in hiring was also the smallest since the fall of 2010.” (“U.S. Jobs Growth In May Slowest Since 2010,” Marketwatch, 6/3/16)

‘Unemployment Rate … Decline Owed Almost Entirely To 458,000 People Leaving The Labor Force’

“The unemployment rate, in a surprising twist, fell to 4.7% from 5% to mark the lowest level since the month before the Great Recession began in December 2007. Yet the decline owed almost entirely to 458,000 people leaving the labor force.” (“U.S. Jobs Growth In May Slowest Since 2010,” Marketwatch, 6/3/16)

• “…the share of Americans participating in the workforce fell to 62.6%, the lowest level of the year.” (“May Jobs Report: Everything You Need to Know,” The Wall Street Journal, 6/3/16)