Unemployment in USA stays at 3.6% with 75000 new jobs

May jobs report: Hiring slowed down in May, just 75,000 jobs added

'As always, we [The Fed] will act as appropriate to sustain the expansion [of the U.S. economy],' said Powell.

Trump, who has routinely tweeted about the strong labour market, made no comment about May's weak hiring, but defended duties on Chinese goods. They include Capital Economics' Hunter, who said investors are discounting signs that economic growth is slowing.

All 11 S&P 500 industry groups advanced.

Even with Powell and Fed-heads talking about the possibility of lowering interest rates and that they are monitoring economic developments, it still feels odd after nearly 30 years of seeing the business cycles to cheer for weaker economic growth reports.

In today's trade, the optimism contributed to big gains in Facebook (+3%), Amazon (+2.8%), Microsoft (+2.8%), Apple (+2.7%) and Alphabet (+2.1%). The next FOMC meeting is in less than two weeks.

'Fed officials are likely to remain cautious at the June meeting and keep all their options open, ' said Michael Hanson, head of global macro strategy at TD Securities in NY. Month over month, wages rose by 6 cents in May.

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On the corporate front, Barnes & Noble closed 11% higher after the Wall Street Journal reported the retailer was in the process of being acquired by Elliot Management, while Zoom Video shares shot up 18% during the session after announcing better than expected earnings overnight.

Over the past three months, job gains have averaged 151,000 per month. Steady job growth has compelled many employers to raise pay to attract and keep workers, which, in turn, has forced up average hourly wages. A separate report from the Fed showed that factory output fell 0.5 per cent in April. But the worker shortage argument is somewhat undercut by moderate wage growth. Those taxes would rise each month until they reach 25% in October unless the Mexican government cuts off a flow of Central American migrants entering the United States from through Mexico. Last year, GM said it would shed 14,000 workers.

"With the ongoing trade dispute front and center, worries that worsening household and business confidence will lead to people closing their pocketbooks may give the Fed one more reason to do a preemptive rate cut", said Beth Ann Bovino, U.S. chief economist for S&P Global Ratings.

However the U.S. unemployment fee remained at 3.6%, its lowest level for 50 years. Lowering borrowing costs boosts economic growth by encouraging consumers to buy more and spurring businesses to expand production.

Among the sectors adding jobs were professional and business services (up 33,000) and health care (up 16,000), according to the labor department.

USA hiring stumbled in May as employers added just 75,000 jobs, a sign that businesses have become more cautious in the face of weaker global growth, widening trade conflicts and perhaps some difficulty finding enough workers. Transportation and warehousing payrolls fell as did retail employment.

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