The unemployment rate held steady at its 50-year low of 3.6% last month while job creation remained modest, according to the May jobs report.
The Labor Department released the data Friday showing job creation only spiked by 75,000 amid market uncertainty over global trade.
The modest job creation there was, according to the data, was rooted in professional and business services.
This was well below experts’ predictions of 180,000 and is significantly lower than April’s increase of 224,000 nonfarm payrolls.
This comes as both the March and April job creation counts were revised to be substantially lower- by 36,000 in March and 39,000 for the month of April.
The findings also showed average hourly earnings increased 3.1% which was nearly on par with what experts had predicted.
MORE on today’s job report:
➡️ U.S. adds 75,000 jobs. Est. was 175,000
➡️ Wage gains were 3.1%, less than projected
➡️ Manufacturing slowed to 3,000 jobs, as forecast
➡️ U-6 (underemployment) fell to 7.1% from 7.3%https://t.co/aLszXzyyjQ
— Bloomberg Economics (@economics) June 7, 2019
The average hourly work week remained at 34.4 hours, while the labor force participation rate held steady at 62.8%.
So far in 2019 average payroll gains are at 164,000, which is around 59,000 lower than the entire yearly average during 2018.