Unemployment Rate Drops to 5.1%

The employment report that came out this morning showed non-farm payrolls increased by 78,000 for the month of May, while the unemployment rate slid to 5.1%. The economic detractors will highlight the fact that this is the lowest monthly figure in nearly two years, although month-by-month figures are notoriously lumpy. We probably won't hear that the U.S. economy has created 2.3 million jobs in the past year and 3.5 million jobs in the past two years.

Bill Clinton used to remind us every year he was in office that he personally created an additional 2 million jobs each year. More here on the breakdown among minority workers - looks good to me.