By JOSEPH HUTCHISON, Associated PressWASHINGTON (AP) — The economic boom is over for the U.S. economy, and it’s not over for Wall Street.
The economy added about 220,000 jobs in May and is likely to expand by a similar number in June, according to new data released Friday.
That’s more than expected because the economy is now growing more slowly than the Federal Reserve expected and the economy’s momentum has slowed down, a slowing economy that is expected to slow even more in coming months.
The jobs report marked a turnaround from a year earlier when the economy added just under 200,000.
The unemployment rate remained stubbornly high, at 9.4 percent, and there were no signs of the recent surge in retail sales that helped lift consumer confidence.
The Labor Department said Friday that the jobless rate was the lowest since January 2015 and the unemployment rate is likely a bit higher because it excludes people who are working part-time because of the economy, which has been slowing for years.
The Fed has been cutting its benchmark interest rate twice this year to try to boost the economy and to prevent inflation from spiraling out of control.
The unemployment rate rose to 7.8 percent in May, the lowest level since April 2017, the Labor Department reported Friday.
The labor force participation rate, the share of workers who are employed or actively looking for work, was 62.3 percent, the highest level since March 2020.
That was down from 62.6 percent in April.
The U.N. human rights agency reported Friday that more than 2,000 people have been killed by security forces in Congo since 2015, a steep increase from 1,300 in January.
The number of attacks against civilians increased last month by almost 200 percent.
The country’s government says its forces are on the front lines in fighting to restore order and stability, but it has faced international criticism for not doing enough to prevent atrocities and abuses.
President Donald Trump has said the United States will continue to use force against Congo.
He has called for the withdrawal of the U,S.
military from the country.