The weak jobs report in May raised serious red flags for the Fed

Most members of the Federal Reserve's policy-setting committee saw red flags in the weak May jobs report, according to the minutes of its June meeting, released on Wednesday.
"Almost all participants judged that the surprisingly weak May employment report increased their uncertainty about the outlook for the labor market," the minutes said.
"Even so, many remarked that they were reluctant to change their outlook materially based on one economic data release."
In May, the US economy added 38,000