U.S. May Unemployment Rate Falls to 5.8% vs 6.1% , weaker than expected. The drop in the jobless rate comes as the participation rate edged down a bit, too. So this could be because some folks dropped out of the labor force altogether. Hourly earnings look quite strong -- feeding the “shortage of workers” and the inflation narrative. Looks like job gains were driven by the leisure and hospitality industry, education and health care.