Posted By RichC on June 1, 2012
WASHINGTON—U.S. job growth slowed sharply in May, the latest indication that the economy has lost momentum.
Nonfarm payrolls grew by a 69,000 last month, the Labor Department said Friday, the smallest gain in a year. The unemployment rate, obtained by a separate survey of U.S. households, ticked one-tenth of a percentage point higher to 8.2%, the first increase in nearly a year.
Economists surveyed by Dow Jones Newswires expected a gain of 155,000 in payrolls and for the jobless rate to remain at 8.1% in May.
Compounding an already weak report, March and April payroll gains were revised down. Nonfarm payrolls increased by 77,000 in April, compared with the previously reported 115,000, and March payrolls grew by 143,000 versus a previously reported 154,000..