US unemployment rate hits 16-year low in May

US unemployment rate hits 16-year low in MayUS unemployment fell to a 16-year low in May but monthly job creation has slowed sharply in the past three months, creating a mixed picture of the labor market. The contrasting data could muddy the waters ahead of a Federal Reserve decision on interest rates later this month. The economy added just 138,000 net new jobs in May, well below analyst expectations, and average job creation for the last three months slowed to 121,000, after the payrolls data for April and March were cut by a combined 66,000, the Labor Department reported Friday.

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