Throughout the month May, U.S. employers prolonged a particularly favourable hiring streak, as 223,000 new jobs were added whilst also minimizing the nation’s unemployment rate to 3.8 percent, which is an 18-year low.
Additionally, the Labor Department reveals that hour wages also increased 2.7 percent from the year prior. However, pay growth remains below levels that are typically associated with an unemployment rate this calibre.
The report indicates that the nearly 9-year-old economic expansion, which is the second-largest on record, remains relatively lucrative. Employers do not seem to be worrying about recent concerns global trade disagreements that have been infiltrating the news.
Moreover, the job market is also starting to include a wider range Americans, as the unemployment rate for high school students has dropped to 3.9 percent, which is a 17-year low. Similarly, African Americans are also benefitting from the current job market surge, as unemployment rates plunged to 5.9 percent.