The official blog of Abacus Group — a place to share our knowledge and thoughts on trends in recruiting

June 05, 2018

May Marks Unemployment at an 18-year Low

The month of May saw 223,000 jobs added to the U.S. employment market, seeing the unemployment rate drop from 3.9 in April, to 3.8 percent. Unemployment, according to the Bureau of Labor Statistics, has not been this low since April 2000.

The average hourly wage rose 2.7 percent from a year ago, which is a slightly faster annual rate than in April, according to the Labor Department.

The job growth exceeded analysts’ predictions and brought the number of jobs added to the market thus far in 2018, to over 1 million. May represented the 92nd consecutive month of job growth.

Paul Ashworth, chief U.S. economist at Capital Economics, stated: “The economy and labor market appear to be firing on all cylinders, with all sectors showing strength.”

The sectors that saw the most growth were: Education and health services – 39,000 jobs added; Retail Trade – 31,000 jobs added; Professional and business services – 31,000 jobs added; Construction – 25,000 jobs added and Leisure and hospitality – 21,000 jobs added.

Companies are spending more on industrial machinery, computers and software. These signs are indicative of confidence in businesses’ growth and expansion. A promising message for job-seekers and employers.

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