Economists Caught Off Guard By A Weak Jobs Report
The Labor Department reported today that the U.S. economy added only 38,000 jobs in May, far lower than most economists predicted.
While unemployment dropped to 4.7 percent, its lowest rate since November 2007, that’s largely due to more people giving up the search for work. Wall Street opened lower at news of the smallest monthly addition of jobs in almost six years.
Mike Regan, Bloomberg Gadfly columnist, joins Here & Now‘s Meghna Chakrabarti for a closer look at the lackluster jobs numbers and what they mean for the U.S. economy.
- Mike Regan, Bloomberg Gadfly columnist, covering equities and financial services. He tweets @Reganonymous.
Copyright 2021 NPR. To see more, visit https://www.npr.org.