Payrolls Grow by Just 78,000 in May

By JEANNINE AVERSA, AP Economics Writer 41 minutes ago

Employers throttled back hiring in May, boosting jobs by just 78,000, the government reported Friday. The most sluggish pace of payroll expansion in nearly two years dramatized the erratic behavior of the nation's job market.

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The payroll gain of 78,000 followed a hiring spurt of 274,000 in April. Job cuts last month were reported in the categories of manufacturing, leisure and hospitality, and professional and business. Those losses tempered gains elsewhere.

The generally lackluster performance surprised economists. Before the report was released, they were predicting jobs to grow by around 175,000 and the jobless rate to hold steady at 5.2 percent.

"Clearly there's some disappointment here," said Anthony Chan, senior economist at JP Morgan Asset Management. "But this may be a gift to financial markets and Main Street because the Federal Reserve might not have to be so aggressive in raising rates. In that regard, it is almost a good report."

A disappointment to Anthony Chan? Try finding full time employment right now "numb nuts". As a part time rural carrier for the post office, I have to find a second full time job to survive. The Workforce One web site job listings for Indiana is down to almost nothing.

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