US labour market adds 175,000 jobs in May - but is still short of hoped-for levels
The unemployment rate rsoe from 7.5 to 7.6 per cent
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Friday 07 June 2013
The US labour market showed signs of improvement over May, with a new report today showing that the world's largest economy added a better than forecast 175,000 jobs over the month.
The unemployment rate, meanwhile, ticked up from 7.5 to 7.6 per cent, with the rise coming as more people returned to the labour market to look for jobs, a positive sign that underscores the recovery story.
The data, which was released in a monthly report from the US Labour Department, suggests that, if the trends persist, policymakers who steer the policies of the Federal Reserve might begin to roll back some of the central bank's stimulus measures by the end of the year. Currently, the Fed is buying $85bn in mortgage- and government-bonds every month to support demand, while at the same time keeping interest rates at record lows. While the latter is likely to remain unchanged, recent indications from the Fed chairman Ben Bernanke and from the minutes of the Fed's monthly policy meeting have pointed to the possibility of some kind of reduction in the bond buying programme as the economy improves.
The latest figures, thought positive, still fall short of the run rate of 200,000 jobs per month that many economists have said is needed before the stimulus measures are rolled back.
- 1 Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
- 2 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 3 US? China? India? The 10 biggest economies in 2030 will be...
- 4 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 5 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...