Job growth last month ground to a near halt, surprising just about everyone from wall street to main street to washington. Especially because the labor market had been a pillar of strength for the economy. Just 38,000 jobs were created last month, well below the estimate of 158,000. The Unemployment Rate dropped to 4. 7 , but that was because nearly 500,000 people stopped looking for work. The one bright spot may be the slight, and i do mean slight, increase in average Hourly Earnings. Hampton pearson has more on mays big jobs miss. Reporter the slowest monthly job growth in nearly six years shocked the markets and market watchers. Im still looking for a digit here. Were missing a digit. This is crazy. I thought wed get 165,000. And they still wouldnt do it. They cant hike in june. Imagine if they did and then the economy got worse people would be like, how dumb were you . Reporter the month of may turns out was the tip of a jobs iceberg. Hide be a dramatic slowdown in job growth over the last three months. Employers hired 59,000 fewer workers in march and april leering average job growth the months to just over 116,000 per month. A nearly 50 drop from the previous 12 months. I think theres a pretty tight labor market. But the rhetoric is that there are millions of people unemployed in america and people cant find jobs. Reporter the verizon strike cut 34,000 jobs from payrolls last month. One of the few positive signs, average Hourly Earnings now nearly 26 an hour are up 2. 5 year over year. But even the decline in the Unemployment Rate to 4. 7 , the lowest in nearly nine years, is a mixed bag. The good news, the number of persons out of work shrank by 484,000. At the same time, nearly 460,000 simply dropped out of the workforc fed governor Lyle Brainard says caution when it comes to Interest Rate policy. Recognizing the data we have on hand for the Second Quarter is quite mixed and Still Limited and theres important nearterm uncertainty. There would appear to be an advantage to waiting until developments provide greater confidence. Reporter one final statistic. Last month the number of people working parttime because they couldnt find a fulltime job, or had their hours cut, jumped by 470,000. Adding to concern about a job market that may be losing momentum. For nightly Business Report, im Hampton Pearson in washington. And joining us now for more analysis on todays jobs report and what it will mean for any Interest Rate hikes by the fed is lindsay piexa, chief economist at steeple fixed income. One of the things that worries you and many on the street is it was widespread weakness in this particular report, . Thats exactly right. It was a very disappointing report. Much weaker than expected. But when we dig into the details, what we see is that we cant segment the weakness and point to one particular sector, one particular seasonal issue. It was very widespread from Financial Services to Business Services to goods producing payrolls. There was widespread weakness, suggesting that there is in fact an underlying loss of momentum across the broader u. S. Labor market, as opposed to segmented weakness. There are some out there who say that we have to recognize that theres been a fundamental shift in the economy, in the job market, in that employers are used to doing more with fewer people, and therefore they are hiring on a parttime basis. That that dynamic, its really a seismic shift. Do you agree with that analysis or not . I think in part. It reflects the fact that businesses are hesitant to invest. Not just invest in equipment and structures but highwage, fulltime employees. Typically as the economy is coming out of recession, we do see a bumpup in parttime employees. But as the economy continues to progress, those parttime employees roll on to a fulltime hiring scenario. This time around, businesses are still very cautious. So theyre continuing near seven, eight years into the recovery still on temporary, lowwage, parttime employees. So i think it might be a structural shift but more, it reflects the fact that businesses are still very hesitant in todays environment. At this time last week, we were talking about how the markets were handicapping a fed Interest Rate hike in june. Does this report derail that . Well, its going to be very difficult to see exactly how the fed is going to gauge this mornings report. Remember, this comes against the backdrop of weeks of very hawkish commentary with fed officials reiterating the fact that they viewed the economy as relatively improved. After a slow start out of the year. If that position was well founded, one weak data point should not derail the feds intentions to continue removing accommodation. But of course the labor market was at the forefront of that argument. So i think were going to see certainly a heightened divide between the hawks and the doves. But in the end, leaving the committee at status quo in terms of monetary policy. The drop once again in the participation rate, does that worry you . Or was it such a small move that its insignificant no, theres certainly an alarming trend that we continue to see, the dropoff of workers in the labor force. And what we see is that the majority of those dropouts are aged 20 to 55. These are still individuals with a significant number of potential incomeearning years still left. So as we experience an aging population, we have the baby boomers rocking off, we also have fewer and fewer Young Workers staying or participating in the labor force in order to support that aging population. We will be watching the next report very carefully. Thanks, lindsay, appreciate it. Lindsay piexa with people fixed income. The part of the economy that powers the bulk of the job market also slowed in may. Services sector activity fell to its lowest level in more than two years. Despite the slowdown the Overall Services sector is still expanding, just not as fast as it had been. Positive news from the factory floor. The Commerce Department reports that new orders for manufactured goods rose nearly 2 in april. Thats the largest increase since october and it may suggest that the sector is starting to stabilize. On wall street, financials were the worst performers, they had a rough day after that jobs report. Because it raised doubts about the feds timeline for an Interest Rate hike. The Broader Market was also under pressure, though. By the close stocks were well off their lows. The Dow Jones Industrial average fell 31 points to 17,807. It had been off as much as 148. The nasdaq was down 28. And the s p 500 lost 6. For the week, all of the major indexes were little changed. The weak jobs report is playing out on the campaign trail as republicans seize on the sudden slowdown in job creation. John harwood is with us from washington. Good to see you as always, jo. So how might this disappointing e whitehouse . Ut in the race for the fundamental argument that republicans want to make and that donald trump wants to make is that we need change in economic policy. And anything that underscores ongoing weakness in the economy, weve had a lot of job growth, but we havent had a lot of wage growth. Now that job growth is slower in 2016 than it was in 2014 and 2015, this gives an argument to say, hey, we need to do something different. Of course Donald Trumps proposed a big tax cut. He has. How did they respond today on either side . Well, Hillary Clinton gave an interview on cnn in which she said she wants to create jobs through infrastructure projects, both with public spending and private spending. Donald trump, of course, seized on the news and sent a tweet shortly after the jobs report came out, called it a bombshell, terrible jobs report. Thats sort of fueled the back and forth between those two in an ongoing way in terms of economic policy. They were also feuding yesterday over qualifications to be commander in chief. Did that continue today . It did. Donald trump put out a tweet and said that Hillary Clinton made up things about him and attributed beliefs to him that he didnt share. And she said in a tweet that she sent out with links, you literally said all those things. And showed a transcript and a link to all of the comments that she imputed to donald trump yesterday. This is going to continue all the way through the election. Shes trying to advertise qualify him from the presidency and hes going to hit back hard, he always does. There was a late poll by right theres showed ms. Clinton had pulled ahead of donald trump. How accurate that is poll . It flies in the face of some of the others. Well, weve got a long way to go. Different polls have different methodologies. This was a reuters poll, polls go up and down. It seemed to track the mood this week of the fact that donald trump struggled with a few things. But youve got to wait until any individual poll, including this 11point lead for Hillary Clinton, is confirmed by subsequent ones. The averages of all the polls right now, Hillary Clinton is ahead about 3 or 4 points. John, have a good weekend. Rest up. Youre going to need it on that beat. John harwood in washington. By the year 2030, the worlds population is seen adding another 1 billion people. How to feed those people is a puzzle the agriculture industry is working to solve. Along with another problem which is finding qualified workers to fill thousands of highly skilled jobs. Mary thompson is at monsanto headquarters in st. Louis with a look at where the jobs reporter growing up in little rock, tracy never saw a corn seed or a soybean, much less hightech tools used in farming today. That changed during College Internships with monsanto. I never knew how Much Technology went into farming. Once i got on that tractor, it was kind of like stepping on a spaceship. Reporter its that kind of excitement monsanto tries to generate with potential hires as theyre in short supply. The usda estimates highskilled jobs in ag will outpace the number of qualified College Grads by 22,000 annually in the coming years. And with farmers looking to grow more with less water, land, and labor, monsanto needs to field a different type of worker. The opportunity to use data in meaningful and new ways means that we need new and different types of skills and competencies to drive Agriculture Technology forward. Reporter Melissa Harper is monsantos Vice President of Global Talent acquisition. The 1,500 jobs she fills each year include not only crop scientists, economists and salespeople, but also tough to find Software Engineers and data scientists. There is a shortage and there is an opportunity. Reporter the opportunity is one reason Jacob Martinez founded the digital nest, a hightech Workplace Development center for teens in watsonville, california. While the citys economy is fuelled by ag, teens arent keen on working the same jobs as their patterns. Martinez sees the center as a bridge for watsonvilles youth who want different career in the same city as their parents. Monsanto, talking with companies around, having our youth here work on developing applications to capture data around water usage, around soil composition. This knowhow leads to jobs that can pay up to 50,000 a year. Now 26, a production manager for monsanto at a site inspecting billions of soybeans a year, the payoff is also the satisfaction of knowing you had something to do with putting food on the table. Its great to know that the job that i do actually has results that people can use and results that people can see. Reporter for nightly Business Report, im Mary Thompson in st. Lo to read more about hightech ag jobs, head to nbr. Com. Still ahead, a treasure trove of information about you is on your phone. But what really happens to all that personal data when you hit delete . Facebook making strategic changes. It has proposed removing ceo Mark Zuckerbergs majority voting control in the event zuckerberg decides to exit management at some point. In an s. E. C. Filing facebooks board plans to ask shareholders to vote on the measure. This all comes as viacoms directors and its Controlling Shareholder fight for control of that company. For many of us, our smartphones hold some pretty sensitive information. But what happens when you hit delete . Where does that information actually go . Turns out it may still live in the phone. And the recent debate between apple and the Government Regarding the unlocking of cell phones raises some questions. Like who, if anyone, has the right to unlock your cells secrets . Andrea day has the story. Its actually a treasure trove of information. Reporter where you go, what you like, and how you sleep. Often this data lives in places on the device that the owner cant see. Reporter and if a crime is committed, it can play a vital role in the investigation. We can recover that and create essentially a timeline of how the phone was used and where the person was. Reporter we were invited inside the stras freeberg forensic lab where former federal prosecutor james aqualina heads it up. Clients and Companies Looking to collect Sensitive Data from smartphones. From old school to the latest model. The most complicated are the fewer devices that have very, very large hard drives. Reporter as soon as th has the device its stored here. Its called a farraday box. It blocks the signals to the device, so for example it cant be remotely wiped, the device cant connect to a wifi access point or even to a cellular tower. Reporter the next step is breaking into the device. Tools can sometimes circumvent passwords. But he says the newest iphones and android phones have security measures in place to prevent it. You may not be able to get past the lock code or there might be parts of the phone that are so damaged that ordinary forensic tools wont allow you to get access to the information. So one of the technologies that we use is chip off. Reporter to physically remove the chip from the board. This phone was totally submerged under water if. Totally submerged under water. We were able to recover information about the chip that included all kinds of information about the loser. Reporter with an unlocked phone the team hunts for data hidden deep inside, plugging into this hightech tool primarily used to download and analyze the info. Even if youve deleted the content, its still there in the file systems. Reporter revealing information like texts, context, emails, photos, and more. Where youve navigated, where youve physically been, your sleep patterns, potentially your health. Reporter even if they cant get any access to the phone these devices are synced so many places, whether its the cloud or a computer. Usually we can get to it somewhere else, where we can find it it replicated. Law enforcement can basically recreate a picture thats relevant to the crime that theyre investigating. Reporter while that data can be key to proving criminal activity, dat bate whether the government should have access at all still rages on. Meanwhile, vendors are adding more security features into smartphones, making them even tougher to crack. Aim andrea day for nightly Business Report. Valiant gets a default notice from some bondholders. That is where we begin market focus. The Pharmaceutical Company received the notice because of the delay in filing its First QuarterFinancial Results and it has 60 days to rectify the issue. The company says this does not accelerate any of its indebtedness and it plans on filing the report by june 10th. Shares of valiant fell nearly 2 to 28. 87. Health care Company Mckesson is reportedly considering spinning off its Information Technology division as the Company Faces financial challenges in its Drug Distribution business. Wall street journal says mckesson may explore a sale or merger but its unclear if a deal will be made. Shares of mckesson down a fraction to 186. 41. Another player has entered the driverless car market. Chinese Search Engine bidu unveiled its plans to massproduce Autonomous Vehicles in five years. The company has already begun conducting driverless tests on public roads in china. Shares fell 1 to 173. 74. Shares of Avianca Holdings surged after it was reported Delta Airlines and United Continental are considering bidding on the panamabased airline. The wall street journal says avianca is seeking capital of 500 million but that could lead to a full or partial sale of the company. Shares of aviana soared to 6. 51. Our market monitor has a list of stocks he says will safeguard your portfolio against the concerns around Interest Rates. This is his first time on the program. We welcome david bathen, chief Investment Officer<