Heard on the Hill
Payroll employment surges; unemployment rate edges down
Payroll employment increases by 223,000 in May; unemployment rate edges down to 3.8%
(Source: BLS.gov)
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,
Read the full May 2018 BLS report here…
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