The May jobs report is out and it’s a big beat.
In May, the U.S. economy created 223,000 new jobs while the unemployment rate fell to a new post-crisis low of 3.8%, according to the latest release from the Bureau of Labor Statistics.
This is the lowest unemployment rate since April 2000. If the unemployment rate drops another 0.1% it’ll be the lowest since the 1960s.
According to estimates from Bloomberg, nonfarm payrolls were expected to grow by 190,000 while the unemployment rate was forecast to remain at 3.9% in May.
Wage gains were also better than expected in May, as average hourly earnings rose 0.3% over the prior month and 2.7% over the prior year. Economists had expected that wages would grow by 0.2% and 2.6% over last year. Many economists have said they’d expect wages to be rising by a faster rate given the low level of unemployment.
Ahead of Friday’s report, President Donald Trump tweeted, “Looking forward to seeing the employment numbers at 8:30 this morning.” The president and a few top advisors typically get access to the jobs report the evening before it is released to the public.