S&P 500 futures pared gains after the monthly US jobs report showed weaker-than-expected hiring and wage growth.

Having risen as much as 0.3% in pre-market trading, the equity benchmark slid on the news and is now almost completely flat.

While the US economy added 138,000 jobs in May, missing economist forecasts of 182,000, that disappointment was at least partially offset by the unemployment rate continuing to fall. At 4.3%, the measure is the lowest in 16 years, according to the Bureau of Labor Statistics.

The numbers continue to counterbalance themselves as it gets more granular, with a decline in labor force participation being offset by a rise in average hourly earnings, which matched expectations.

Despite the miss on job gains, this report should provide the final green light to the Federal Reserve. It meets later in June and is expected to raise borrowing costs for the second time this year, confident that low wage inflation will prove to be transitory.