The U.S. economy added a robust 223,000 jobs in the month of May, according to figures released Friday by the Department of Labor, and the unemployment rate fell slightly to 3.8 percent. Wage growth remained a sticking point in the mainly positive jobs report, with hourly pay up by only 2.7 percent year on year. But with inflation at just over 2 percent, workers are barely feeling any net increase.
Source: NBC News
Source Bias: Left-Center
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We really have no way to estimate jobless rates today. The figures used to calculate those rates leave out so many jobless people, including those who were essentially phased out of the job market — the long-term jobless. In the past, we relied on welfare statistics to get a clearer estimate of both jobless and poverty rates in the US. Actual welfare aid ended over 20 years ago, so those statistics are gone.
Did the number of people seeking jobs changes during this time (young people entering workforce, immigrants, etc.)?