According to the report that came out from Labor department today, it shows that 2.5 million jobs were added last month and the unemployment rate fell to 13.3% from 14.7% in April. Economists had predicted the official unemployment rate will climb to 19% in May.
Covid-19 has started to make a damaging wreak in our economy. As more parts of the country go into lockdown mode and pushing companies to the verge of bankruptcy, unemployment claims started to soar this week.
According to the Department of Labor the unemployment rate in the United States continues to fall down. It reached the record 3.5% in September 2019 which is the lowest rate since December 1969.
The latest key economic indicators in the U.S shows both economy and the labor market looking healthy as we enter into 2019. The GDP growth however is expected to oscillate between 2 and 3 percent. U.S Federal Reserve (Fed) is not worried much about inflation or deflation. This seems like the ideal Goldilocks economy one would dream to see. Even though the U.S president and his economic advisors have been promising a growth of 4 percent this year. It is possible the U.S growth (and Global growth) could accelerate and create a bubble in the markets.