The U.S. economy added 223,000 jobs in May, smashing expectations and driving down the unemployment rate to 3.8 percent — matching its lowest level in nearly 50 years.
Going into the Friday report from the Labor Department’s Bureau of Labor Statistics, economists had expected a 190,000 increase in jobs.
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The 3.8 percent national unemployment rate, which fell from 3.9 percent, ties the rate in April 2000, at the peak of the tech boom. Before that, one has to go back to Dec. 1969 to find a month when the unemployment rate was lower.
The bureau also adjusted job growth from March and April to add another 15,000 jobs.
The U.S. economy saw another significant increase in manufacturing jobs. The number of those jobs rose 18,000 in May, and construction jobs rose 25,000.
In addition, unemployment among black workers sunk to 5.9 percent, which is a record low since race-specific data began being compiled in the 1970s.
President Trump caused a stir this morning when he teased the announcement about an hour before they were publicly released. Given that presidents get an early look at data, traditionally they refrain from commenting until after it becomes public, but Trump tweeted that he was “looking forward” to the numbers. His tweet drew criticism, but the White House defended him by saying that he didn’t reveal any numbers.
