Payroll employment surges; unemployment rate edges down
Payroll employment increases by 223,000 in May; unemployment rate edges down to 3.8%
According to BLS’ recently-released May, 2018 figures, positive trends continued in the economy, with payroll employment exceeding expectations and the unemployment rate continuing to drop, now reaching down to the 3.8% mark. BLS reports that for the year, the number of unemployed persons declined by 772,000.
The longer-term implications of these employment trends bodes well for Social Security, with increased payroll equating to increased payroll taxes. While certainly not a remedy for the solvency issue facing the program, increased revenue does offset some of the impact of increased benefit payouts in the short range,