Weak Jobs Report for May 2016

Bye bye June rate hike. That was the billboard-sized headline from Wall Street trading desks after the U.S. job-creation machine hit the wall in May. The government said 38,000 jobs were created in May, way, way, way below the roughly 160,000 new positions Wall Street economists had been expecting.

The May jobs report is out, and it is a huge miss. On Friday morning, the Labor Department reported that the U.S. economy added just 38,000 jobs, while the unemployment rate dropped to 4.7 percent.