WASHINGTON (AP) — U.S. hiring slowed in May as employers added just 75,000 jobs, a sign that businesses have become more cautious in the face of slowing global growth and widening trade conflicts.

The tepid job growth, along with rising pressures on the economy, makes it more likely that the Federal Reserve will cut rates in the coming months. Bond yields fell after the jobs data was released, signaling investor expectations for lower Fed rates.

Last month’s modest job growth followed a much healthier gain of 224,000 in April. The unemployment rate remained at a nearly 50-year low of 3.6%.

The hiring gains last month were the fewest since February. The government also revised down the job growth for March and April by a combined 75,000. In the first five months of this year, hiring has averaged 164,000 a month, a solid pace that is enough to lower the unemployment rate over time. Still, it’s below last year’s pace.

The economy is showing signs of sluggishness just as the current expansion has reached its 10th anniversary. Next month, it will become the longest period of uninterrupted growth on records dating to 1854.

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