Unemployment Rate Matches Lowest Point in Half a Century

CNN Money The unemployment rate has matched its lowest point in half a century. The Labor Department reported Friday that unemployment fell to 3.8 in May. The economy added 223000 jobs better than economists expected. Since 1969 the only other time unemployment has been this low was in April 2000. Unemployment has fallen steadily since the Great Recession. It peaked at 10 in 2009. Wages grew 2.7 in May compared with a year earlier. That was in line with expectations and should keep inflation fears calm on Wall Street. The US economy has this incredible head of steam said Josh Wright chief economist at software firm iCIMS. He said workers were starting to feel the effects of last years tax cut. The job gains were broad. In April the economy added 159000 jobs after revisions. Over the past year the economy has added an average 191000 jobs a month.