6/7: METROINTELLIGENCE ECONOMIC UPDATE

Job growth fell to 38,000 in May

The U.S. economy created the fewest number of jobs in more than five years in May, hurt by a strike by Verizon workers and a fall in goods producing employment. The unemployment rate fell further to 4.7 percent.

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Factory orders rose 1.9 percent in April, largest increase in six months

Factory orders increased 1.9 percent in April, the biggest gain since a 2.4 percent rise in October. Orders had been up 1.7 percent in March after having fallen in February.

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Manufacturing economy grew again in May for third straight month

The May PMI® registered 51.3 percent, an increase of 0.5 percentage point from the April reading of 50.8 percent. and registering growth for the third consecutive month.

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Service sector economy grew at slower pace in May

The NMI® registered 52.9 percent in May, 2.8 percentage points lower than the April reading of 55.7 percent. Overall, the report reflects a slowing in momentum from the previous months of growth for the non-manufacturing sector.

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