Unemployment Rate Falls to 3.8%

The civilian unemployment rate fell to 3.8% in May, its lowest since April 2000, and the rate has not been lower since 1969, according to the Department of Labor. Employers created 223,000 jobs, continuing a 92-month streak of expansion, and wages rose 2.7% since last May. The U.S. economy is also seeing its strongest wage growth for non-supervisory workers since 2009, at roughly 2.8%. Broad strength across the economy is driving increased demand for workers, and with it their wages and salaries. This release, coupled with Thursdays consumer confidence report of 128.0 and the recent tax cut, show that workers have more disposable income and are willing to spend it.