"Job creation fell sharply in May with just 138,000 new positions created, while the unemployment rate declined to 4.3 percent, according to Labor Department data released Friday.
Economists surveyed by Reuters expected nonfarm payrolls to grow by 185,000 and the unemployment rate to hold steady at 4.4 percent.
Wage growth also disappointed, with average hourly earnings rising at a 2.5 percent annualized pace. The average work week was unchanged at 34.4 hours.
This report is clearly soft in every material respect relative to expectations and relative to last month. That's a disappointment," said Eric Winograd, U.S. economist at Alliance Bernstein. However, he added, "I don't think it's soft enough to cause a fundamental rethink of the economic outlook."
There's your spike in the gold price....
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