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US employers add 175K jobs in May, rate up to 7.6% - Valley News Live - KVLY/KXJB - Fargo/Grand Forks

US employers add 175K jobs in May, rate up to 7.6%

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WASHINGTON (AP) - U.S. employers added 175,000 jobs in May, steady hiring but below the more robust pace that took place during the fall and winter.

The Labor Department says the unemployment rate rose to 7.6 percent from 7.5 percent in April. The increase occurred because more people began looking for work, a good sign.

The government said the economy added 12,000 fewer jobs in April and March.

Employers have added an average of 155,000 jobs in past three months, below the average of 237,000 created from November through February.

The modest gains likely mean the Federal Reserve will continue its bond purchases. The Fed has said it will maintain its pace of bond purchases until the job market improves substantially. The purchases have helped drive down interest rates and boost stock prices.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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