RJ and Makay

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The pace of U.S. hiring slowed last month with non-farm payrolls adding only 54,000 jobs in May, about a third of what economists had forecasted for the month, according to the Labor Department.  It was the smallest monthly job gain in almost a year.  The unemployment rate increased to 9.1% from 9.0% in April.  Economists surveyed by the Dow Jones News Wire had expected payroll gains of 185,000.

Soaring oil prices outstripped a record level of exports, widening the March U. S. trade deficit more than economists had expected.  The deficit in international trade of goods and services rose 6% to $48.18 billion from a downwardly revised $45.44 billion in February, the Commerce Department said Wednesday.

U. S exports grew 4.6% to a record high of $172.67 billion from $165 billion the previous month. Imports rose 4.9% to $220.85 billion from $201.44 billion in February.  Strong overseas demand for autos, chemicals and industrial machinery drove exports.  Record sales to emerging South American economies and the highest European Union purchases in three years boosted export numbers.