May's Job Report: Rate Drops to 4.7%

Jun 03, 2016
May’s job report saw an increase of only 38,000 nonfarm jobs, according to the U.S. Bureau of Labor Statistics’ monthly employment report. Job gains occurred in health care. Job losses continued in mining.

Over the past three months, job gains have averaged 116,000 per month.  

May’s unemployment rate declined to 4.7%, down from 5.0% in April. The civilian labor force participation rate decreased slightly to 62.6%, from 62.8% in April. 

The report found that in May, average hourly earnings for employees on private, nonfarm payrolls rose by 5 cents to $25.59. Over the year, average hourly earnings have risen by 2.5%.