Follow us on:   

Recent Comments

    Dismal job report dents US economy
    June 3, 2016, 1:11 pm

    Fewer American workers entered the labor market in May than at any time in the past six years [Xinhua]

    Fewer American workers entered the labor market in May than at any time in the past six years [Xinhua]


    The US economy has added the fewest number of non-farm payroll jobs since September 2010, a Labor Department report on Friday showed.

    Economists had predicted an addition of 160,000 jobs for May but the report on Friday showed that only 38,000 new workers entered the economy during that month.

    According to the report, there has been a significant hiring slowdown in major US industries such as the mining sector, manufacturing, and construction. Low oil prices, which have led major energy companies to slash their investments, have also contributed to a drastic drop in hiring in that sector.

    The economy added 123,000 workers in April.

    The blistering low number is likely to negatively impact expectations that the US Federal Reserve will move to increase interest rates this summer.

    Although the unemployment rate has fallen further to 4.7 per cent (it hit more than 10 per cent in 2009), some analysts are calling May’s jobs report a “dire warning” following the lackluster first quarter GDP growth.

    With jobs growth falling well below the 200,000 mark that had dominated most of 2015, hopes of a second quarter GDP rebound now appear slim.

    The BRICS Post with inputs from Agencies

    The BRICS Post encourages its readers to engage in meaningful commentary, discussion, exchange and feedback keeping in mind respect for other opinions.
    While we welcome criticism of our website, its articles and opeds, The BRICS Post moderates all incoming messages to ensure that there is no profanity, attack on individuals, attack on race, religion, or creed; we also will not allow room for threats or impersonation of other individuals.
    Our comments section is designed to be a forum for the healthy, democratic exchange of ideas.
    We reserve the right to edit a comment for obscenities and vulgarities. There is no guarantee that every comment will be published unless it meets with the criteria above.
    We look forward to hearing from you.

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    Anti-Spam * Time limit is exhausted. Please reload the CAPTCHA.