US jobs figures far below estimates

Manufacturing growth also slows

The US jobs figures are in, and they aren't particularly great. 69,000 new jobs were created, whereas the consensus estimate had been 150,000. Further downward revisions for the last two months, as well:

The change in total nonfarm payroll employment for March was revised from +154,000 to +143,000, and the change for April was revised from +115,000 to +77,000.

In fact, the revisions downwards are almost more damaging. The first estimate for May being bad is the headline news, but may be inaccurate; the fact that the March estimates are still being revised downwards in the third estimate hints at real damage to the underlying structure of the economy which has yet to be resolved.

The news pushed the US bond market, already at a ridiculously weak level, lower still, finishing at 1.46:

One silver lining for the US is that manufacturing data, in contrast to the UK, is holding up. The PMI, released today, stands at 54. Although down from 56 last month, any number above 50 indicates that the sector is expanding.

Chris Williamson, Markit's chief economist, said:

The data compares well with PMI surveys for other countries, and suggests that the U.S. economy is showing encouraging resilience in the face of the many headwinds from abroad. The slower growth in May was largely due to a near-stagnation of export orders, reflecting deteriorating demand in many overseas markets, notably the Eurozone but also emerging markets such as China.

A job seeker fills out an application during a job fair hosted by the State of New York. Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Watch: David Cameron calls on Jeremy Corbyn to stand down as Labour leader

The soon-to-be-ex Prime Minister shouts "for heaven's sake man, go!" in a heated exchange at Prime Minister's Questions.

Losing track of what the various players in the ongoing constitutional crisis believe? Sick of politicians flip-flopping? Starting, frankly, to get tired of the whole thing?

At today's PMQs, David Cameron looked equally rattled - but he managed to make one thing clear. After Jeremy Corbyn made a reference to Cameron's imminent departure from the top post, the Prime Minister replied by saying the Labour leader should also stand down.

"It might be in my party’s interest for him to sit there," Cameron said. "It's not in the national interest. I would say: for heaven’s sake, man, go!"

Watch the clip below:

I'm a mole, innit.