The economy added 38,000 jobs in May, missing estimates of 158,000. The unemployment rate dipped to 4.7 percent, compared to 5 percent during the prior month. The labor force participation rate slipped to 62.6 percent during the month, compared to 62.8 percent April. March and April's jobs numbers were revised downward, meaning the economy created 59,000 fewer jobs than previously reported. Average hourly earnings rose 2.5 percent year-over-year. TheStreet's Scott Gamm speaks with Jerry Webman, chief economist at OppenheimerFunds for more analysis.