Job growth slowed in May, with employers only adding 75,000 to their payrolls, the Labor Department reported last week.
This is the smallest monthly job gain since Hurricane Katrina landed last October, and falls below economists’ estimates. On the other hand, unemployment dropped a notch to 4.6 percent, compared to 4.7 percent the previous month. This is the lowest jobless rate in five years.
Employment continued to trend up in some service-providing industries, while retail trade and manufacturing lost jobs. Average hourly earnings increased 1 cent in May to $16.62, following a gain of 10 cents in April.