The U.S. unemployment rate fell to its lowest level since the turn of the century in May as the national economy added 223,000 jobs, the Labor Department reported Friday.
The U.S. added 223,000 jobs in May, above estimates. The unemployment rate fell to 3.8%, the lowest level since April 2000. https://t.co/eIZ9v63XIQ— The Wall Street Journal (@WSJ) June 1, 2018
The unemployment rate could fall this year to its lowest level since 1969 – 3.5%. The news comes as wages rose in May, increasing at a rate of 2.7% -- a showing that, while not great, is still above inflation, economists say.
In May, hiring was robust across a spectrum of industries, from retail and health care, to construction and manufacturing. Accelerating oil prices and global economic bounce-back have helped drive job growth in the latter two industries, with the U.S. adding 95,000 manufacturing jobs and 110,000 construction jobs from January 1st through the end of May.
This year, job gains have averaged 207,000 per month – a mean that’s better than the last two years. The economic expansion the U.S. is currently experiencing is the second longest in the nation’s modern history, analysts say. Only the technology-driven economic explosion of the 1990s beats it. “This recovery is showing no sign of slowing down,” Martha Gimbel, director of economic research at jobs site Indeed.com, told The Washington Post.
Unemployment down to 3.8% after U.S. beats jobs expectations— Donald Trump Jr. (@DonaldJTrumpJr) June 1, 2018
The economy & job #s keep getting better. Haters gonna hate but no one can question that @realDonaldTrump’s policies are working. Think these trends would continue if Nancy Pelosi was in charge? https://t.co/Q9oLQxqPVb
Despite the optimism and strong jobs report, some analysts believe that the Trump administration’s policies could lead to dark days ahead for employment and economic growth in the U.S.
The Trump admin's trade policies could threaten as many as 2,600,000 jobs, according to the U.S. Chamber of Commerce. https://t.co/160YONHfLt— Kyle Griffin (@kylegriffin1) June 1, 2018
The United States will lose an estimated five jobs for every one saved, or about 146,000 jobs total by these tariffs according to @TradePartnersDC. The most significant job losses will be felt throughout the “rust belt” states and the deep South. https://t.co/0TqTGImUxD— Brianna Westbrook (@BWestbrookAZ8) May 31, 2018
As Trump threatens to ban German luxury car manfactuers in the U.S., let's all remember that Daimler North America employees 34,015 American workers, and Volkswagen has 20 facilities in the US. This move will kill American jobs!— Ed Krassenstein (@EdKrassen) June 1, 2018
Others dismiss the naysayers, stating that the results of the strong economic run America is on speak for themselves.
Pro-growth Republican policies mean more jobs and higher wages for Americans. From #TaxReform to cutting through Washington red tape, we are working with @POTUS to grow this economy and help families achieve the American Dream! https://t.co/H1YjDnWloX— Rep. Steve Scalise (@SteveScalise) June 1, 2018