Payrolls Huge Miss: Only 38,000 Jobs Added In May; Worst Since September 2010

June 3, 2016

If anyone was “worried” about the Verizon strike taking away 35,000 jobs from the pro forma whisper number of 200,000 with consensus expecting 160,000 jobs, or worried about a rate hike by the Fed any time soon, you can sweep all worries away: moments ago the BLS reported that in May a paltry 38,000 jobs were added, a plunge from last month’s downward revised 123K (was 160K). The number was the lowest since September 2010!

There is no way to spin this number as anything but atrocious.

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