May Jobs Report Shows 223,000 U.S. Jobs Added, Unemployment Rate Drops To 18-Year Low At 3.8%
By CBS NEWS // June 1, 2018
unemployment rate drops from 3.9% to 3.8%
ABOVE VIDEO: Businesses hired robustly in May, reversing the slowing trend of the preceding two months, the Labor Department reported Friday.
(CBS NEWS) –Businesses hired robustly in May, reversing the slowing trend of the preceding two months, the Labor Department reported Friday. Here’s what you need to know.
Some 223,000 jobs were added.
This beats economists’ expectations of about 190,000 jobs added, and reverses the somewhatover the previous two months (155,000 jobs added in March and 159,000 in April, after revisions.)
Unemployment dropped to 3.8 percent, its lowest figure in 18 years.
The unemployment rate is now solidly below what most economists consider sustainable in the long term, and is likely to keep falling, some analysts say.
“You have to go back to 1969 to find an unemployment rate lower than May’s, and with job growth running much faster than the rate of increase of the labor force – participation remains resolutely flat – unemployment is set to keep falling,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a note.
The labor force grew modestly in May and labor force participation stayed flat.
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