U.S. Economy Adds 223,000 Jobs In May

The U.S. added 223,000 jobs in May and the unemployment rate dropped to 3.8 percent, according to Labor Department figures published on Friday. Economists forecasted 190,000 additional nonfarm payrolls, with the unemployment rate holding steady at 3.9 percent. Manufacturing performed strongly, adding 18,000 jobs. Construction grew by 25,000 new positions. The Mining sector expanded by 6,000. Service providers added 171,000 jobs, with an increase in retail of 31,100. Average hourly earnings for workers on private nonfarm payrolls climbed by 8 cents to $ 26.92. White unemployment is 3.5 percent, while Hispanic unemployment is 4.9 percent. Black unemployment is 5.9 percent — a new record low down from 6.6 percent the previous month — while Asian unemployment came in at 2.9 percent. “Average hourly earnings increased 2.7 percent from a year earlier, more than projected, while the jobless rate fell to 3.8 percent from 3.9 percent to match April 2000 as the lowest since 1969,” Bloomberg reports. The solid hiring data coincides with other evidence that the economy is on firm footing after a brief slowdown in the first three months of the year. The economy grew at a modest 2.2 percent annual rate in the January-March quarter, after three quarters that had
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