The May unemployment report shows that the U.S. economy is slowing to about a 3.0% GDP annualized growth rate in the second quarter, said Stuart Hoffman, chief economist for PNC Financial Services Group. "It is not anything dramatic, but it is a continued slowdown from something close to 4% in the latter half of last year," Hoffman said in a telephone interview Friday shortly after the Labor Department released the May job data that showed a surprisingly weak 78,000 jobs were created in May. The Federal Reserve will hike rates by a quarter-percentage point in June, but then pause in August to see if the economy will continue to slow in the second half of the year or level off and regain momentum, Hoffman said. "It is time for the Fed to step back and assess what happens in the summer quarter," Hoffman said.