U.S. | Job growth slows and participation rate falls in May

Summary

Nonfarm payrolls rose only 38K, the slowest seasonally-adjusted pace since September 2010. The unemployment rate fell to 4.7% as the participation rate declined from 62.8% to 62.6%. Weakness in payroll growth and the participation rate are not supportive of an immediate rate hike given the expected rise in economic uncertainty that may come from this report.

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