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US hiring stalls in May; Fed rate hike in question

The US economy generated a paltry 38,000 net new jobs in May 2016US companies unexpectedly slashed hiring last month after a strong four-year run, raising questions about the economy’s strength and squelching expectations the Federal Reserve will raise interest rates this month. In a shock employment report, the Labor Department said Friday that the US economy generated a paltry 38,000 net new positions in May, a quarter of that expected, and the lowest number in nearly six years. Coupled with downward revisions to the two previous months’ totals, removing 59,000 jobs originally tabled, the report crumbled the widespread picture that the US economy was picking up solidly from a first-quarter slump.

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