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Response to BumRushDaShow (Original post)

Fri Jun 7, 2019, 09:56 AM

11. White House statement:


Unemployment Still Near Historic Low; Robust Wage Growth Continues in May
June 7, 2019 3 minute read

Council of Economic Advisers

May’s Employment Situation Report highlighted the historically low unemployment rate, which remained at 3.6 percent in May—matching the lowest rate in almost 50 years (since 1969). This marks the 15th consecutive month where the rate has been at or below 4 percent. In addition the unemployment rate for Hispanics remained at 4.2 percent—matching the lowest rate since the series began in 1973. Among African Americans, the unemployment rate fell by 0.5 percentage points to 6.2 percent, nearing the historic low of 5.9 percent. The unemployment rate for those with some college or an associate degree declined by 0.3 percentage points to 2.8 percent—the lowest rate since March 2001. The unemployment rate for high school graduates who did not attend college remained at 3.5 percent, matching the lowest since July 2000. The U-6 unemployment rate, the broadest measure produced by Bureau of Labor Statistics (BLS) of unemployment and underemployment, reached 7.1 percent—the lowest rate since December 2000 as shown in the figure below.

Wages continued to rise in May as well. Nominal average hourly earnings rose by 3.1 percent over the past 12 months—the 10th straight month that year-over-year wage gains were at or above 3 percent. Prior to 2018, nominal average hourly wage gains had not reached 3 percent since April 2009.

Even though the payroll employment growth fell short of expectations, one month does not make a trend. Furthermore, the totality of this month’s jobs report—including strong wage growth, low unemployment rate, and the continuation of the longest consecutive streak of jobs gains—reflects the continued growth and strength of the United States labor market. Sustaining continued job growth with near record low unemployment will require bringing more individuals off the sidelines. Programs like the Pledge to America’s Workers, which will provide roughly 9 million new education and training opportunities over the next 5 years, are key tools for the continued health of the U.S. labor market.

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