Unemployment Rate Drop 0.1% to 3.8% In May

Posted on the 02 June 2018 by Jobsanger


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%