U.S. jobs report down for May

U.S. jobs report down for May

MEMPHIS, TN (WMC) - U.S. employers pulled back on hiring in May.

According to labor department data released Friday, 138,000 new jobs were created in May.

Professional and business services led the way with 38,000 new positions.

Wage growth also fell below some economists' expectations, with average hourly earnings rising just 2.5 percent.

In addition to the weak May numbers, previous months also saw significant downward revisions.

Taken together, job growth has averaged just 121,000 over the past three months.

Even with the lower than expected numbers, the unemployment rate declined to 4.3 percent.

Economists say that decline is due primarily to a fall in the labor force participation rate, which is hovering around its lowest levels since the late 1970s.

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