U.S. unemployment fell to 4.7%, the lowest rate since 2007. But job creation was very weak.
The U.S. economy only added 38,000 jobs in May, according to the Labor Department. It was the worst monthly job gain since 2010.
It’s also well below April’s meager job gains of 123,000. Job creation in the last two months has been markedly below the average of 200,000 jobs created per month over the past couple years.
The drop in unemployment came as more disheartened Americans stopped looking for jobs and dropped out of the labor force in May.
‘It’s a pretty gloomy report, hard to find a silver lining in this one,” says Curt Long, chief economist at the National Association of Federal Credit Unions.
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