May Jobs Report: Unemployment Rate Hits 16 Year Low

May Jobs Report: Unemployment Rate Hits 16 Year Low

This implies that there is still room for improvement in the job market.

The. U.S. unemployment rate is at its lowest level in 16 years, even as job growth slowed in May.

The labor department also revised its estimates for job gains in March and April, lowering the combined figure by 66,000 jobs.

"Disappointing", says Lynn Reaser, an economist at Point Loma Nazarene University in California.

This measure, however, does not account for those individuals who have dropped out of the labor force-it simply measures the percent of those who did not have a job but actively sought one over the month. The May unemployment rate fell to 4.3 percent, from 4.4 percent in April and from 4.7 percent in May 2016, with 6.9 million Americans unemployed in May. Here's what a Fed rate hike means for you. Moreover, some slowdown in hiring was probably inevitable as the unemployment rate falls and the pool of available workers begins to dry up. But that number, down from 4.4 percent in April, was driven by a decrease in the labor participation rate, which fell to 62.7 percent from 62.9 percent.

"There is not going to be a big turnaround in wage growth until productivity picks up", said Andrew Chamberlain, chief economist at the jobs site Glassdoor.

Contributing to the trend has been the continuing retirements of America's vast generation of baby boomers. Nonsupervisory wages rose 2.4% last month, from a year earlier. It'll employ 70 workers.

Many economists see the labor market as reaching full employment, or the point when virtually all job seekers have found work, but wage inflation is still modest.

The past two months of job growth were also lower than originally reported, with March revised down to just 50,000 jobs added and April down to 174,000.

Japanese shares led regional gains as strong US private hiring data helped lift the dollar to a one-week high against the yen.

Now the reveal. I was, in part, wondering how white unemployment in recession months compared to unemployment in non-recession months.

Commenting on the government report from Friday, Nathan Janzen, senior economist at RBC Economic said, "Slower employment growth has always been expected, though, as slack in labor markets is increasingly absorbed".

This year's job gains will nearly certainly go up Friday, though a litany of factors, not just the White House, influence employers' hiring decisions. North said. The job creation at this point in the recovery is still solid.

Republican President Donald Trump, who inherited a strong job market from the Obama administration, has vowed to sharply boost economic growth and further strengthen the labour market by slashing taxes and cutting regulation. More workers are needed to ease housing shortages, he said. Temporary help services employment increased by 0.43% in May, adding 12,900 jobs. Health care and business services led the way in May, adding 24,000 and 38,000 jobs respectively.

Unemployment in the USA dropped to 4.3% in May, the lowest since February 2001, despite slowing employment growth that may weigh on the Federal Reserve's consideration of another interest-rate hike in two weeks.

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