The May jobs report looked fine on the surface. The headline number came in roughly as expected. Markets barely moved. But if you dig into the actual data from the Bureau of Labor Statistics, there's a very different story.

Here's what nobody's talking about: Outside of healthcare, retirement services, and government, the U.S. economy has actually lost nearly 100,000 jobs year-over-year.

Let me break down the numbers, because this is the kind of analysis Wall Street doesn't want you to see.

Year-over-year job gains were heavily concentrated in just five categories:

• Individual and family services (basically retirement home employees): +250,000 • Home health services: +100,000 • Offices of physicians: +50,000 • Offices of other health practitioners: +40,000 • Local government: +70,000

That's 510,000 jobs right there. The problem? Total job growth was only around 400,000. Which means everything else - manufacturing, construction, goods-producing sectors, private sector services - was basically flat to negative.

This isn't some fringe interpretation. The data is right there in Table B-1 of the BLS report. Healthcare and government are masking serious weakness everywhere else.

Now, some of this makes sense. America is aging. Boomers need healthcare and retirement services. That's structural, not cyclical. But here's what should concern you: goods-producing jobs are declining. Those are the jobs that typically signal economic strength or weakness ahead of service sector employment.

When construction and manufacturing jobs start disappearing, consumer spending usually follows about 6-12 months later. And consumer spending is 70% of GDP.

So why isn't the market panicking?

Two reasons. First, Wall Street sees weak employment data as good news for rate cuts. Slower job growth means less wage pressure means lower inflation means the Fed can cut rates sooner. That's the trade right now.