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Job Growth Continues, Unemployment Falls, but Some Leery About the Future

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 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.

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.

Others dismiss the naysayers, stating that the results of the strong economic run America is on speak for themselves.