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1st LD: U.S. jobless rate drops to lowest level since 2007

Xinhua, June 3, 2016 Adjust font size:

The U.S. economy added fewer jobs in May, but the unemployment rate dropped to 4.7 percent, the lowest level since November 2007.

The total nonfarm payroll employment increased by only 38,000 in May, the weakest performance since September 2010, said the Labor Department on Friday.

In addition, the Labor Department revised down the job increases in March and April, with the combined job gains in these two months at 59,000, less than previously reported.

The jobless rate dropped to 4.7 percent in May, the lowest level since November 2007.

The labor force participation rate, the share of the working-age population employed or looking for a job, went down to 62.6 percent. The rate has declined by 0.4 percentage point over the past two months, offsetting gains in the first quarter. Endi