Feeble hiring by U.S. employers in May roiled markets and dimmed the already-cloudy outlook for an economy that appears to be following Europe and Asia into a slowdown.
Employers added a seasonally adjusted 69,000 jobs last month, the smallest increase in a year, and estimates for the two previous months were lowered. The politically salient unemployment rate inched up to 8.2% from 8.1% in April, and the report immediately became a flash point in a presidential race focused on the candidates’ job-creating credentials. President Barack Obama and Republican nominee Mitt Romney sparred over the numbers in back-to-back appearances where each made his case to voters.
Stock markets tumbled on the report. The Dow Jones Industrial Average notched its worst showing of the year Friday, falling 274.88 points, or 2.2%, to 12118.57. Investors snapped up U.S. Treasury bonds instead, pushing down yields to the lowest level on record yet again. The yield on the benchmark 10-year Treasury note finished at 1.467%. Bond prices and yields move in opposite directions.
Read more at The Wall Street Journal.
