The U.S. Labor Department has released its statistics for the month of May. They show the unemployment rate dropped another 0.1 points, and now rests at 3.8%. The official number of unemployed workers dropped by 281,000 -- partly due to 223,000 new jobs being created, and partly due to a rise in the number of marginally-attached workers (unemployed but no longer figured in the official count) by 93,000.
The 3.8% figure is a good one. But sadly, too many of the jobs held by workers these days are low-wage jobs that don't provide a livable wage. They just keep hard-working people in poverty. But even if all workers were making a livable wage, there are ominous signs on the horizon. We have yet to feel the effects of the new trillion dollar a year deficits, and Trump has started a trade war with our allies -- a trade war that could cost many jobs and raise the price of many products for consumers.
Here is the demographic breakdown of official unemployment:
Adult men...............3.5%
Adult women...............3.3%
Teens (16-19)...............12.8%
Whites...............3.5%
Blacks...............5.9%
Hispanics...............4.9%
Asians...............2.1%
Less than HS diploma...............5.4%
HS graduate...............3.9%
Some college...............3.2%
Bachelor's degree or more...............2.0%
And here are other relevant statistics:
SIZE OF THE CIVILIAN WORK FORCE:
161,539,000
OFFICIAL NUMBER OF UNEMPLOYED WORKERS:
6,065,000
OFFICIAL UNEMPLOYMENT RATE:
3.8%
NUMBER OF MARGINALLY-ATTACHED UNEMPLOYED WORKERS (no longer counted):
1,455,000
MORE REALISTIC NUMBER OF UNEMPLOYED WORKERS:
7,520,000
MORE REALISTIC UNEMPLOYMENT RATE:
4.66%
