The US economy continued to create plentiful new jobs in May according to the country’s latest employment report, despite Donald Trump’s concern for steel and car manufacturing workers.
The Bureau of Labor Statistics reported that there were 223,000 net new jobs in the month and that the jobless rate declined again to 3.8 percent, its lowest level since April 2000.
The reading was better than the 188,000 increase in non-farm payroll pencilled in by Wall Street analysts.
The BLS singled out retail, health care and construction as sectors which saw decent growth.
The labour force participation rate was stable at 62.7 percent.
Average earnings growth was 2.7 percent, up from 2.6 percent in April.
“The job numbers are very strong, widespread, or broad based, that was an indication of strength from the report. The really good news for markets is the average hourly earnings continues to be very steady and does not signal a buildup in inflationary pressures, so overall a very solid report,” said Michael Arone of State Street Global Advisors.
Analysts said the figures increased the likelihood of a June interest rate hike by the US central bank, the Federal Reserve.