Hiring Slows in May, with Just 69,000 Non-Farm Payrolls Added

June 1, 2012 02:37 AM

This morning's employment report from the Department of Labor delivered a disappointing non-farm payrolls gain of 69,000 jobs added in May. Investors expected the report to show around 150,000 non-farm payrolls added. The unemployment rate rose slightly to to 8.2% (8.1% last month, which was the expectations for this month).

Employment increased in health care, transportation and warehousing, and wholesale trade but declined in construction. Employment was little changed in most other major industries. The number of long-term unemployed (those jobless for 27 weeks and over) rose from 5.1 to 5.4 million in May. These individuals accounted for 42.8% of the unemployed.

Juli says: The combination of a weaker-than-expected weekly export sales report, disappointing Chinese manufacturing data and now a disappointing monthly jobs report will result in a "risk-off" day of price action in the grain markets.

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