US Job Figures Bring Cheer

The American economy went into overdrive last month, the Labor Department reported Friday, extending the longest streak of job growth on record and echoing other recent signs of strength.

Total nonfarm payroll employment increased by 223,000 in May, and the unemployment rate edged down to 3.8 percent. Employment continued to trend up in several industries, including retail trade, health care, and construction.

The unemployment rate fell to 3.8 percent, its lowest level since the heady days of the dot-com boom in early 2000.

The net increase of 223,000 jobs reflected healthy gains in a broad range of industries, from manufacturing and transportation to health care and retailing.

It was the 92nd consecutive month of job creation. Most economists expect the momentum to continue, but a deeper drop in the unemployment rate or a big bump up in average hourly earnings would stoke fears of inflation and, in turn, a more hawkish Federal Reserve.

President Trump was of course delighted.

Image: US Job Figures bring cheer to Donald Trumps administration.

The US Rate of unemployment

Labor Force Statistics from the Current Population Survey 

Unemployment Rate: 3.8% in May 2018

Series Id:                             LNS14000000

Seasonally Adjusted

Series title:                         (Seas) Unemployment Rate

Labor force status:               Unemployment rate

Type of data:                       Percent or rate

Age:                                    16 years and over