Publication Date: June 03, 2016

According to the Bureau of Labor Statistics (BLS), only 38,000 jobs were added in May 2016. This is more than 100,000 shy of what economists had expected.

The unemployment rate fell to 4.7 percent, the lowest since November 2007, but is believed to be due to more Americans dropping out of the labor force.

Many sectors reported losses during the month of May; however healthcare did add 46,000 jobs, with the majority of increases in ambulatory health care services and hospitals.

To read the entire May Employment Situation summary, click here.