U.S. unemployment fell to 4.7%, the lowest rate since 2007, but took a slight hit in job creation. The decline, according to experts is due largely to unsuccessful job seekers dropping out of the labor market. May saw the lowest monthly job gain in the U.S. since 2010, with just 38,000 jobs added vs. the monthly average of 200,000 seen over the past several years, CNN Money reported.
A continued bright spot, Healthcare added 46,000 jobs last month the most out all industries followed by hotels and government.
The May gains in healthcare came from increases in ambulatory health care services (24,000), hospitals (17,000) and nursing care facilities (5,000), the Bureau of Labor Statics reported. Over the year, healthcare employment has so far seen an increase by 487,000 total jobs.
The weak May jobs report may very well take a June rate hike off the table for the Federal Reserve.