Labor market sizzles: Unemployment rate matches 48-year low
WEEKLY MARKET COMMENTARY |
The economy continued to add jobs at a sizzling pace in May as the unemployment rate declined to 3.8 percent, matching the 48-year low last reached in April 2000. The major policy implication from the report is that the Federal Reserve’s interest rate campaign will remain in place. We expect the Fed to boost the federal funds rate by 25 basis points at its Wednesday, June 13 Federal Open Market Committee meeting.