U.S. unemployment rate remains at near-historic low of 3.7 Percent
Sep. 13, 2019
Global Korean Post
The Bureau of Labor Statistics (BLS) released its monthly Employment Situation Report, showcasing strong wage growth and steady employment growth.
According to White House, total nonfarm payroll employment in August increased by 130,000 jobs. Including revisions for the months of June and July, the average pace of job growth has been a robust 173,000 jobs per month over the past year and 158,000 jobs per month so far in 2019.
The CBO projected only 14,000 new jobs per month at this point in the cycle in its final pre-2016 election forecast, prior to enactment of the Administration’s pro-growth policies, so this month’s job growth is nearly ten times higher than the job growth CBO had anticipated for this quarter.
In total, the economy has added over 6.3 million jobs since the President was elected, nearly 4.5 million more jobs than the CBO predicted would be created between the end of 2016 and the end of 2019:Q3
A separate household survey released by BLS shows that the unemployment rate remained at 3.7 percent in August, making August the 18th consecutive month at or below 4 percent.
All Americans are benefiting from the strong labor market. The African American unemployment rate hit its lowest rate on record since the series began in 1972 at 5.5 percent (figure 2), the African-American adult female unemployment rate dropped to its lowest rate on record at 4.4 percent, and the African-American teen unemployment rate hit a new series low yet again, beating its record low from July. The Hispanic unemployment rate fell to 4.2 percent, matching its series lows from April and May 2019.