US jobless rate falls to 18-year low

US jobless rate falls to 18-year low

US jobless rate falls to 18-year low

Written by Keshala Dias

02 Jun, 2018 | 1:52 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 latest rate is the lowest since April 2000, the US Labour Department said.

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.

US President Donald Trump, who had been briefed on the rosy employment figures, moved markets Friday (June 1) morning before the report’s public release when he tweeted that he was “looking forward” to the data.

The tweet raised eyebrows due to its allusion to embargoed data, which the White House has access to prior to its release.

 

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