This headline says it all:
U.S. unemployment hits lowest level since 2001
Or does it?

The economy only added 138K jobs added in May, far below the 185K estimate, and below the lowest estimate of 140K.
But that's not a disaster. Just lackluster.

What IS a disaster is when you dig into the report.
For starters, total payrolls for March was revised down from +79,000 to +50,000, and the change for April was revised down from +211,000 to +174,000. So 66,000 jobs just vanished.

Then there is how they managed to get the unemployment rate to fall.
Basically, the total labor force declined by 429,000 Americans in the month of May. They simply stopped counting them.

Then there is wages.

Despite an unemployment rate at a 16-year low, wages aren't climbing. Why is that?
It's because of the quality of the jobs.

Leisure and hospitality up 31,000 jobs of which food services and drinking places workers, aka waiters and bartenders, added another +30,300. Temp help services, by definition the lowest paying job category, added another 12,900 jobs.
While manufacturing employment dropped.

The kicker is that things might be even worse than these numbers.

The household survey was even worse. Employment fell by 233,000.
...It’s important to put the jobs numbers into proper perspective.

In the household survey, if you work as little as 1 hour a week, even selling trinkets on eBay, you are considered employed.
In the household survey, if you work three part-time jobs, 12 hours each, the BLS considers you a full-time employee.
In the payroll survey, three part-time jobs count as three jobs. The BLS attempts to factor this in, but they do not weed out duplicate Social Security numbers. The potential for double-counting jobs in the payroll survey is large.