Economy Adds 69,000 Jobs in May

Washington, DC, June 1, 2012 -- The U.S. economy added 69,000 jobs in May and the unemployment rate edged higher, the Labor Department said.

It was the fewest number of new jobs in a year and well below estimates. Previous months' estimates were also revised down.

The May unemployment rate crept up to 8.2%. 
  
Economists had forecast a 165,000 increase in new jobs and they expected the unemploymnet rate to remain at 8.1%.

The number of new jobs created in April was cut to 77,000 from an original estimate of 115,000, while job growth in March was revised lower to 143,000 from 154,000.

Construction jobs declined by 28,000 in May. Hiring was also down at professional and business services.

Government also continued to cut jobs, eliminating an additional 13,000 jobs last month. Job growth in manufacturing slowed to 12,000 after adding 42,000 jobs a month on average in the first quarter.