Posted by: youngragingbull | June 7, 2013

U.S. Job Report

The U.S. created 175,000 jobs in May in a sign that the economy continues to grow at a moderate pace despite higher taxes, federal spending cuts and a weak global economy.

The unemployment rate ticked up to 7.6% from 7.5%, the Labor Department said Friday, as more people entered the labor force in search of work.

Economists surveyed had expected an increase of 164,000 jobs last month and a jobless rate of 7.5%.

The number of new jobs created in April was lowered to 149,000 from 165,000, while March’s figure was revised up to 142,000 from 138,000.

The largest increase in hiring in May occurred in the fields of professional services (57,000), bars and restaurants (38,000) and retail (28,000). The manufacturing sector cut 8,000 jobs and government employment fell slightly again.

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