HIRING DROPPED SHARPLY IN MAY
The U.S. job market slowed dramatically in May, according to government data released Friday, adding just 38,000 jobs despite other signs that the economy was picking up steam after a weak start to the year.Job growth in May was the weakest since 2010, when the country was still clawing back from the Great Recession and thousands of workers were joining the ranks of the unemployed. The Labor Department also lowered its estimate of hiring in March and April by 59,000 jobs.In addition, the unemployment rate fell from 5 percent to 4.7 percent. However, the decline was primarily due to a contraction in the labor force, rather than workers finding jobs.“This just does not square with all the other things we’re seeing in the economy,” said Gus Faucher, chief economist at PNC Financial Services Group. “This is no reason to panic, and I still think the fundamentals remain solid.”