Mr. Gapen believes the unemployment rate could sink as low as 3 percent by the end of 2019. That would bring it to levels last seen in 1953, the height of the economic boom after World War II.
The U.S. economy added 223,000 jobs in May as U.S. companies continued their hiring spree, according to the Labor Department’s monthly jobs report released Friday. The unemployment rate fell to 3.8 percent, the lowest since 2000.
The unemployment rate dipped to 3.8 percent in May, reaching an 18-year low. That’s encouraging, yet unemployment was lower right after World War II, when it fell as low as 2.5 percent in 1953. The 1960s also boasted several periods of lower unemployment.