03 Jun '11, 1pm

US new jobs plunged in May; jobless rate up

US new jobs plunged in May; jobless rate up

The US economy generated a minuscule 54,000 net new jobs in May, only one quarter of the previous month, while the unemployment rate edged up to 9.1 per cent, the Labor Department said on Friday. -- PHOTO: AFP WASHINGTON - THE US economy generated a minuscule 54,000 net new jobs in May, only one quarter of the previous month, while the unemployment rate edged up to 9.1 per cent, the Labor Department said on Friday. Employment in the private sector, expected to drive the economy as governments slash spending, rose a measly 83,000, one-third of the pace of the previous three months. Figures for employment increases in the previous two months were also revised downward, another sign that the economy is growing only weakly. While the country generated a large number of jobs in the mining sector in May - driven by jumps in oil and mineral prices - the manufacturing sector, whic...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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