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US jobless rate falls to 18-year low

June 1, 2018 5:16 pm

US jobs growth was faster than expected in May, as employers added 223,000 positions.

The unemployment rate fell further to 3.8%, having fallen to 3.9% the previous month, bringing the rate to an 18-year low.

The average hourly pay of private sector workers increased 2.7% year-on-year, compared with 2.6% in April.

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Surveys of economists had predicted that there would be a gain of about 188,000 jobs in May.

Analysts said the positive jobs data fuelled expectations that the central bank, the Federal Reserve, would raise interest rates at its next meeting later this month.

The unemployment rate has not been this low since April 2000 and has already fulfilled the Fed’s forecast of 3.8% by the end of 2018.

President Donald Trump previewed the strong jobs report with a Twitter post, writing that he was “looking forward” to seeing the numbers.

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