The U.S. economy picked up just 54,000 jobs in May, the Labor Department revealed Friday morning. The unemployment rate ticked up slightly to 9.1 percent. The number was shockingly low; April saw the addition of 244,000 jobs, and the median estimate of economists surveyed by Bloomberg for May was 165,000. Analysts generally agreed that any number less than 100,000 would cause turmoil in the markets.
It's been a bad week for the economy. After the release of a disappointing ADP jobs report that found that just 38,000 jobs were added in May (far below the 175,000 consensus projection), the Dow Jones industrial average dropped 2.22 percent on Wednesday, the market's worst day since August.
The latest numbers reflected minor gains in professional and business services, health care, and mining.
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