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U.S. Unemployment Drops to 16-Year Low
The jobless rate in the U.S. declined to 4.3% in May, its lowest level since 2001, according to the Dept. of Labor.
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The jobless rate in the U.S. declined to 4.3% in May, its lowest level since 2001, according to the Dept. of Labor.
But the number of new positions created last month was an anemic 138,000. On average, the American economy gained 181,000 jobs per month in 2016—but only 121,000 in each of the past three months. The Labor Dept. says gains in healthcare, professional services and hospitality were offset by declines in manufacturing, retail and government jobs.
The department also downwardly revised job gains for March and April, reducing growth over those two months by 66,000 positions. In addition, the data for May show an increase in the number of unemployed workers who are no longer looking for a job.
Several analysts point out that the gross numbers don’t show an underlying mismatch in the U.S. jobs market between available positions and the number of people qualified to fill them.
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