Labor force continues to shrink as job creation weakens

Labor force continues to shrink as job creation weakensLabor force continues to shrink as job creation weakensLabor force continues to shrink as job creation weakensOnFriday, June 3, theBureau of Labor Statisticsreleased its monthly employment situation report for May, which is a widely used indicator for the health of the labor market. The May report continued to disappoint expectations, despite an increase in overall jobs for the month and a lower unemployment rate.Key Take-AwaysU.S. adds a mere 38,000 new jobs as companies continued to scale back hiring in May and dealt with an Information sector strike the smallest increase since just last monthThe unemployment rate decreased to 4.7% as more people dropped out of the labor forceThe labor force participation rate fell for the second month in a row to 62.6%The size of the labor force has increased by about half a million in the past five months1st-quarter GDP raised a dismal 0.8% the slowest pace in two years as business slashed investmentWant to know more about the top trends in the job market? Check out the US Labor Market Update from Intelligence.