US economy added 69K jobs in May, fewest in a year
WASHINGTON — U.S. employers created 69,000 jobs in May, the fewest in a year, and the unemployment rate ticked up. The dismal jobs figures could fan fears that the economy is sputtering.
AP Photo/Rick Bowmer, File
Job seeker Alan Shull attends a job fair in Portland, Ore., on April 24.
The Labor Department also says the economy created far fewer jobs in the previous two months than first thought. It revised those figures down to show 49,000 fewer jobs created. The unemployment rate rose to 8.2 percent from 8.1 percent in April, the first increase in 11 months.
Dow Jones industrial average futures, which were already down 100 points before the report, fell an additional 100 points within minutes of its release.
The yield on the benchmark on the 10-year Treasury note plunged to 1.46 percent, the lowest on record, suggesting investors are flocking to the safety of U.S. government bonds
The economy is averaging just 73,000 jobs per month over the past two months — roughly a third of jobs created per month in the first quarter.
Weak job growth could damage President Barack Obama's re-election prospects. Mitt Romney, the Republican challenger, has made the economy the central theme of his campaign.