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U.S. Jobless Rate at 18-Year Low
Unemployment in the U.S. dropped to an 18-year-low of 3.8% in May from 3.9% in April, according to the Dept. of Commerce.
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Unemployment in the U.S. dropped to an 18-year-low of 3.8% in May from 3.9% in April, according to the Dept. of Commerce.
The economy added 223,000 jobs last month, well above predictions. All major sectors reported gains, including 18,000 new positions in manufacturing.
Economists say the continued jobs growth makes it likely the Federal Reserve will raise overnight interest rates by about 0.25% later this month.
President Donald Trump drew attention to the good news, on which he was briefed yesterday, in a Twitter post more than an hour before the statistics were released by the Commerce Dept.
In doing so, he ignored a federal rule dating to the Ronald Regan administration that prohibits all federal employees from commenting on the jobs report for at least one hour after its release. The objective is to avoid politicizing or raising suspicions about the accuracy of what are intended to be neutral data.
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