US unemployment falls to 3.8% in May, lowest in 18 years

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Washington :The US unemployment rate fell to its lowest level in 18 years in May as hiring was far stronger than expected and the size of the workforce continued to shrink, the government said Friday. With a shortage of workers reported throughout the country and across many industries and skill levels, the latest data confirmed wages are rising. The jobless rate fell to 3.8 percent from 3.9 percent in April, the lowest level since April 2000, the Labor Department reported. The economy added 223,000 non-farm jobs last month, stronger than the consensus forecast of economists, and better than the increase of 159,000 in the prior month. However, the pool of available workers — defined as those working or actively looking for work — continued to decline, with the participation rate falling to 62.7 percent, the report said. The size of the labor force and the participation rate influences the direction of the unemployment rate. Even so, the jobless rate for black or African American workers dropped sharply in the month to 5.9 percent from 6.6 percent, the lowest since the government began keeping records in 1972. President Donald Trump has been touting that figure as a major accomplishment of his econom

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