Following the release of the ADP Small Business report yesterday, the Bureau of Labor Statistics released its monthly report today, with vastly different figures.
According to the BLS report, the U.S. only added 38,000 jobs last month (far below the ADP’s figure of 73,000), making May the lowest month of jobs created since September 2010.
And while the unemployment rate dropped by .3 percentage points, to 4.7 percent, that figure likely comes from people giving up their job searches and dropping out of the labor force.
One of the only high notes from the report was that average hourly earnings increased by 5 cents in May, to $25.59.
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