U.S. Unemployment Drops to 5%, Lowest Since Sept. ‘01

July 8, 2005 8:45 AM, EDT

The number of unemployed in the United States fell in June as employers hired 146,000 workers, the Labor Department said Friday, pushing the overall unemployment rate down to 5%, its lowest in nearly four years.

The increase in payrolls was less than expected, Bloomberg News reported. A survey of analysts predicted a 200,000 increase in payrolls.

The unemployment rate fell 0.1% from May when the rate was 5%. The decline brought the unemployment rate to its lowest point since September 2001

Because employment levels drive so much economic activity, an increase in employment can help consumer confi-dence and spending patterns, which affect trucking demand.

Important manufacturing payrolls fell 24,000 in June – the most since January and following a 6,000 decline in factory jobs in May. The U.S. economy added 150,000 service jobs rose in June.