Dow Jones Takes a Hit as US Economy Adds Only 38,000 Jobs in May
The U.S. economy added only 38,000 jobs in May 2016, as the unemployment rate fell to 4.7 percent, reported the Bureau of Labor Statistics (BLS) on June 3.
Jobs added in May mostly went to the health sector.
The mining industry took a hit, as well as employment in information, according to the BLS.
Since reaching a high peak in September 2014, the mining industry had lost 207,000 jobs.
— BLS-Labor Statistics (@BLS_gov) June 3, 2016
Meanwhile, the strike of about 35,000 Verizon workers had an impact on the job gain in May.
Manufacturing also suffered, as employment in durable goods decreased by 18,000 last month. Employment in machinery declined by 7,000, and manufacturing in furniture and related products lost 3,000 jobs.
Jobs in other major sectors, including construction, wholesale trade, retail trade, transportation and warehousing, financial activities, leisure and hospitality, and government, changed little over the month, the report said.
The low numbers come after three recent months of job gains averaging 116,000 per month.
The unemployment rate decreased by 0.3 percent. The number of people who were unemployed declined by 484,000 to 7.4 million, the bureau said.
There are also 538,000 people in America who are not currently looking for work because they believe no jobs are available for them, the report said.
After the report was released, the Dow Jones dipped, by 24 points (0.13 percent) by the afternoon. The Dow was lower than those numbers earlier in the morning.