Jobs report: Unemployment reaches lowest point in 50 years

Posted at 8:41 AM, Jun 01, 2018
and last updated 2018-06-01 09:48:07-04

The unemployment rate has matched its lowest point in half a century.

The Labor Department reported Friday that unemployment fell to 3.8% in May. The economy added 223,000 jobs, better than expected.

Since 1969, the only other time unemployment has been this low was in April 2000.

Unemployment has fallen steadily since the Great Recession. It peaked at 10% in 2009.

Wages grew 2.7% in May compared with a year earlier. That was in line with what economists expected, and should keep inflation fears calm on Wall Street.

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