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Today’s jobs report for May was pretty impressive. An impressive jobs report translates to The Federal Reserve, all other things being equal, continuing to raise rates.
The number of employed Americans, 155,474,000, has broken another record.
The number of unemployed Americans dropped to 6,065,000, a low not seen since January 2001. This pushed the nation’s unemployment rate down a tenth of a point to 3.8 percent, a level not seen since April 2000.
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The number of employed women 16 and over set another record (72,690,000); the number of employed men 16 and over is at an all-time high (82,784,000); and so is the number of employed African-Americans (19,092,000).
The unemployment rate for African-Americans dropped to 5.9 percent, a record low.
The unemployment rate for women 16+ is now at 3.6 percent, a low not seen since 1953.
BUT, hourly wage growth remains low at 2.7% YoY when compared to The Great Recession. Hence, inflation is not around the corner.
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