The May 2018 Employment Situation brought more good news to the US Economy.
Job creation came in at 230,000, ahead by 40,000 from most analysts’ predictions. The unemployment rate dropped to 3.8% in the month of May, which is the lowest the unemployment rate has been in 18 years. You would have to go back to April of 2000 to see this rate – at a time when the NASDAQ was flirting with 5000. Look at it today!
Of the 230,000 jobs added, the bulk were in Professional and Business Services. 25,000 workers were added to construction firms and payrolls increased by 29,000 for health-care companies which may tend to lower in wage position. It was a strong add to the total.
Other positive trends show an increase in wages. This increase in hourly pay was by 8 cents in May and the increase in wages over the prior 12 months rose by 2.7%.
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