Unemployment held steady at 3-point-6 percent, meaning joblessness is still hovering near a half-century low.
As he ploughs ahead with his aggressive and unorthodox trade agenda, President Donald Trump has been comforted that vigorous job gains and historically low unemployment provide a buffer against retaliation in tariff battles with major trading partners that have hit the U.S. manufacturing sector in particular. "It definitely looks like we've downshifted in the pace of job growth", said Mr Michael Feroli, chief USA economist for JPMorgan Chase & Co.
On the heels of the report, major benchmark indexes were trading in the green.
Market expectations for a rate cut were already climbing before Powell spoke. For most of this year, the Fed has indicated that it would take a patient approach toward rate changes. Prior to April's report, the consistent unemployment rate suggested that workers are jumping back into the workforce to fill open jobs, rather than the workers who are now collecting unemployment welfare, according to WSJ.
On the other hand, the BLS slashed its job growth estimated for March and April by 75,000 in total, bringing the 12-month average growth to 196,000 a month-the first time it dropped below 200,000 since April 2018. A broader measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they can not find full-time employment, dropped two-tenths of a percentage point to 7.1 per cent last month, the lowest since December 2000.
Manufacturers have barely added jobs in the past three months after healthy gains previous year, a sign that trade conflicts and a slowdown in auto sales might be slowing hiring.
Among the sectors adding jobs were professional and business services (up 33,000) and health care (up 16,000), according to the labor department.
Retail jobs fell by 7,600 for a fourth-straight drop while transportation and warehousing and nondurable goods also slipped.
The odds of a rate cut rose immediately on the news, with futures placing the chance of a Federal interest rate cut at 79 percent.
Dominic Thiem knocks off Novak Djokovic to advance to final
For his pains, the Serb picked up a warning for unsportsmanlike conduct having already been slapped with a time violation. He could also move to within two of Federer on the all-time Grand Slam title winners' list with an 18th major on Sunday.
Uber to Premiere NYC Helicopter Rides in July
The eight-minute ride will cost more than $200, but the company said it hopes to expand to other cities. The helicopters can accommodate up to five passengers and can be booked on demand or days in advance.
Hungary: Floating crane arrives to sunken Danube tour boat
A floating crane arrives on the Danube River in Budapest on Wednesday, where it will help salvage the capsized tourist boat. It was hoped that a huge floating crane might be able to lift the Hableany out of the water in the next few days.
White House economic advisor Kevin Hassett said that bad weather was the main reason behind the employment slowdown, and added the report showed a "a little bit of a blip down". Flooding in the central US may have reduced the May payroll number by 40,000 jobs, Hassett said on Bloomberg Television.
Last month's modest job gain followed a much healthier increase of 224,000 in April. Last year, GM said it would shed 14,000 workers.
Wages rose 3.1% from a year earlier, down slightly from last month's gain of 3.2%. That indicates the tight labor market may offer limited support for consumer spending.
The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, was unchanged at 62.8 per cent last month. Steady job growth has compelled many employers to raise pay to attract and keep workers, which, in turn, has forced up average hourly wages.
Lawrence Yun, chief economist for the National Association of Realtors, said the fact that the US had another month of job additions should help fuel demand for housing.
- Private employment grew by 90,000 after a downwardly revised 205,000 increase.
Trade conflicts have had no impact on the company, Guccione added. That was the smallest such annual increase since September.
Bloomberg's Chris Middleton and Sophie Caronello contributed.
Ten crucial technology areas are already covered at launch, with more data appearing and more areas being covered every week. Named MS Celeb , the database was built back in 2016 with the objective of keeping images of celebrities across the world.
On his second nine, he stuck the ball right near the pin on the approach shot on the first hole and tapped in for birdie. American star Dustin Johnson , meanwhile, had some struggles during his first-round 71.
Michigan State Police said the buggy was on Kelly Road in Algansee Township when the pickup truck rear-ended the carriage. All seven people in the carriage, including five children and two adults, were thrown from it, according to the report.
Though this 5G technology took too much time to launch but the 5G devices from different smartphone companies were already ready. While 5G smartphones are becoming available in the market, the network to support gigabit download is not there yet.
That's how we work the best. "Coming here, we knew that we would have better chances and we were able to confirm that". The championship leader, however, is set to face a serious challenge from Ferrari in the shootout for pole.
Chelsea have tabled an official appeal against FIFA's two-window transfer ban with the Court of Arbitration for Sport (CAS). CHELSEA have appealed against their transfer ban - but still do not know if the punishment will be put on hold.
The frozen triple berry medley and frozen blackberries could be contaminated with Hepatitis A , according to the FDA. Hepatitis A vaccination can prevent illness if given within two weeks of exposure to a contaminated food.
Moraes picked apart Cejudo to open the first round, snapping lefts and rights before tearing him down with bruising leg kicks. Moraes rained elbows and punches down on Moraes until referee Marc Goddard stepped in to stop it.
Chuck Schumer , the top Democrat in the Senate, mocked Trump's triumphant announcement of a deal to reduce illegal immigration. Pence was among the administration officials involved in the talks while the president was in Europe.
Top Tory leadership candidate admits having taken cocaine
The environment secretary said he believed the "mistake" should not be held against him in his bid to become prime minister. But as the Conservative leadership campaign heats up, it remains unclear how party members will receive the news.
Sir Winston finishes first at Belmont Stakes
Bookmakers' favorite Tacitus and the other nine horses in the field will instead be able to run on a clean and dry track. Sir Winston's win on Saturday gave trainer Mark Casse the final two jewels in the showcase for 3-year-old thoroughbreds.
Research: US adults spend more time with mobile than TV
The rise in over-the-top streaming services has given networks the opportunity to capitalize on the growth in mobile consumption. According to the findings, most mobile time is spent using apps (2:57), while people spend 0:26 in a mobile web browser.
Dragons teased for Apex Legends Season 2
This here archived livestream has more of a look at here, as well as that Season 2 chat ending with the cryptic cryptid tease. Her Ultimate, Interception Pylon , allows her to shoot down grenades and charge teammates shields.