U.S. unemployment rate hits 16-year low in May

"What people have to ask themselves is what matters more to the Fed at this point, what happens from a job gains perspective and what happens from a resource utilization measure perspective". The unemployment rate fell to 4.3% from the prior month's 4.4% reading. Since tax receipts are a direct function of employment, hours and wages, the recent acceleration in income growth should at least partly be reflected in the pace of job gains. Since January, the unemployment rate has fallen by a half a percentage point and the number of unemployed has declined by 774,000.

According to the "Definitive Guide" report by Adecco, almost half (48 percent) of best-in-class companies are already increasing training in critical skill areas to help combat the skills gap. It's only when employers face a shallow pool of job applicants that they tend to feel compelled to raise pay in hopes of hiring people who fit their needs. Officials then want to begin the process of selling off the $4.5tn portfolio of bonds and other assets the Fed built up as it fought to keep rates low and kick-start the economy after the recession. The employment-population ratio edged down to 60.0 percent in May. Job gains have averaged 121,000 over the last three months, a deceleration from an average of 181,000 over the last 12 months. Health care and social assistance added almost 37,000 jobs and professional services 39,000.

Mining, quarrying, and oil and gas extraction added 7,000 jobs in May, bringing a total of 47,000 jobs since the October 2016 low. Economists had expected growth of more than 180,000.

In May, employment in professional and business services continued to trend up (+38,000).

LONDON, June 2 The dollar retreated slightly after disappointing U.S.jobs growth data on Friday though world stocks clung on to record highs, having gained 11 percent so far this year. Today's report revised down the estimates for new jobs in March and April, by 66,000 altogether.

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Retailers, which have been struggling the past few months, lost 6,100 jobs in May. However, segments of the economy that affect commercial space absorption still had reasonably good job creation.

Looking behind the immediate numbers, the picture is mixed at best.

US job growth continued in May with unemployment hitting its lowest level in 16 years, likely paving the way for the Federal Reserve to hike interest rates again in a couple of weeks.

In April, average hourly earnings rose by 2.5 percent from the previous year to $26.19.

Still, most analysts think job growth is solid enough for the Federal Reserve to feel confident enough to raise interest rates again when it meets in two weeks. The rate is near the lowest level in since the 1970s, a time when women were entering the labor force in larger numbers.