Hiring has slowed less than expected the latest jobs report from the Bureau of Labor Statistics revealed.
The economy added 139,000 jobs in May, less than the monthly average of 144,000 in the year-to-date.
It is also a marked retreat from April, which saw 147,000 jobs added.
Despite the slowdown S&P 500 futures rose 0.8 percent as the numbers beat analysts downbeat expectations.
The unemployment rate has remained steady at 4.2 percent.
Friday’s report also revealed that manufacturing jobs have declined by 8,000 last month, despite the White House’s push for a ‘Made in America’ renaissance.
Companies have looked to tighten their payrolls in the face of high tariff bills and economic uncertainty caused by chaotic policy.
It comes after the economy contracted in the first quarter of the year and economists are increasingly concerned about the risk of a recession.
Manufacturing jobs have declined by 8,000 last month compared to April
Analysts argue that the figures will allow the Fed more time to hold interest rates steady, despite pressure from Trump to cut.
‘Today’s jobs report should bring relief to investors who are worried about a breakdown in the labor market,’ eToro US Investment Analyst Bret Kenwell said.
‘Given how important consumer spending is to the overall economy, the state of the jobs market is a critical component for the US,’ he explained.
‘While it may not be firing on all cylinders, it’s far from showing signs of a major breakdown.’
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