175,000 jobs in May, steady hiring but below the more robust pace that took place during the autumn and winter, according to the Labor Department.
Meanwhile, the unemployment rate rose to 7.6 percent from 7.5 percent in April. The increase occurred because more people began looking for work. Obviously that’s a good sign.
On the other hand, African-American unemployment rose slightly from 13.2 to 13.5 percent. And black teen joblessness remained the highest of any group at 42.6 percent.
The government said the economy added 12,000 fewer jobs in April and March.
Employers have added an average of 155,000 jobs in past three months, below the average of 237,000 created from November through February.
The modest gains likely mean the Federal Reserve will continue its bond purchases. The Fed has said it will maintain its pace of bond purchases until the job market improves substantially. The purchases have helped drive down interest rates and boost stock prices.