The economy added about 138,000 new jobs in May, missing what analysts estimated would be 184,000 jobs.
Wages still catching up with jobs
Annual wage growth through April ticked up to 3.5% from 3.4% in March. The number is an estimate compiled by the Atlanta Federal Reserve and measures the rolling three-month average of annual hourly wage growth: essentially what the average employee can expect their earnings to grow over the next 12 months. Historically, wage growth overall has tracked unemployment with some lag. In the years following the recession wage growth stagnated around 2% while the unemployment rate declined at a more rapid pace. Wages improved relatively better in the past 15 months, particularly a surge last fall to near 4%, before cooling over the following months.