May jobs growth slows to 54,000, a nine-month low

In disappointing news for the White House, Wall Street and Main Street, U.S. job gains slowed to a crawl in May and the unemployment rate moved higher, the Labor Department estimated Friday. Nonfarm payrolls rose by a seasonally adjusted 54,000 in May. The official unemployment rate increased to 9.1% in May from 9.0% in April. This is the highest unemployment rate since December.

The unemployment report adds to fears that the U.S. economy may have hit more than a soft patch and that a more protracted and dangerous downturn could be in the offing.