The figure could also dramatically impact the Fed's current thinking as it debates about whether to lower interest rates, with market expectations for a rate cut in June rising to 27.5% from 16.7% after the data was released.
US House of Representative Speaker Nancy Pelosi, a Democrat, said the employment report was 'a disturbing sign that the administration's disastrous special interest agenda is hollowing out our economy'.
Walmart chief executive Doug McMillon said Friday, before Trump's announcement, that the iconic retailer is "concerned" about Mexican tariffs causing fruit and vegetable prices to spike for US consumers.
"It definitely looks like we've downshifted in the pace of job growth", said Michael Feroli, chief USA economist for JPMorgan Chase. Duncan said the slowdown in hiring will probably keep Federal Reserve policymakers on a patient course in regard to rate changes.
The share of people who have jobs or are looking for them remained the same, suggesting that the low number may stem from the difficulty of finding workers after 104 months of continuous job creation. The unemployment rate remained at a almost 50-year low of 3.6 per cent in May. A strong dollar, which makes US goods costlier overseas, has also slowed the production and export of manufactured goods.
Many business leaders and trade executives have spoken out in opposition to the tariffs, which can lead to increased costs for consumers, disruption in supply chains and a subsequently weaker US economy. Wage growth slowed from the prior months: Average hourly pay grew 3.1% year-over-year, down from an annual rate of 3.4% just a few months ago. Factory output has been weak and sentiment dropped to a 31-month low in May, with manufacturers anxious mostly about the trade tensions. President Donald Trump'sthreat to impose tariffs on Mexico following additional tariffs on China, could send the global economy toward a recession, some economists warn.
Automakers are cutting jobs and production as United States sales have slowed. The slowdown is sparking fears the USA trade war is starting to ripple through the economy.
Fed Vice Chair Richard Clarida said last month that the central bank had cut rates preemptively, or made an "insurance" cut. Prior to April'sreport, the consistent unemployment rate suggested that workers are jumping back into the workforce to fill open jobs, rather than the workers who are now collecting unemployment welfare, according to WSJ.
HORSLEY: Wages are still going up, although not quite so fast as they had been.
As stocks rallied, the bond market told a more pessimistic story, with investors bracing for a more severe downturn. Retail sales, factory output and home purchases have shown the economy struggling this quarter after better-than-expected growth in the first three months of the year.
Kevin Durant Expected to Be a 'Full Go' For Game 5
Kerr was asked if he had any reservations about Durant's ability if he is ultimately cleared to play in Game 5 of the finals. The hobbled Warriors also welcomed the return of an injured Kevon Looney, but they were still without Kevin Durant.
Gove pleads for 'second chance' after admitting cocaine use
The environment secretary said he believed the "mistake" should not be held against him in his bid to become prime minister. And Foreign Minister Jeremy Hunt, 52, said he might have drunk a milkshake that was laced with drugs when he was younger.
Beyond Meat's first-quarter earnings better than expected
Looking forward, Beyond Meat now expects full-year revenues to be in excess of $210m - ahead of the $205m priced in by analysts. The fake meat maker posted a loss of $6.6 million in the quarter, compared to a loss of $5.7 million in that period a year ago.