The Federal Reserve has released its annual employment report, which has shown that the economy is growing and that employment is growing in a number of key industries.
In a recent report, the Fed estimated that the labor force participation rate will be 6.2 percent this year, up from 6.0 percent in 2016.
The unemployment rate is 4.8 percent, down from 5.4 percent last year.
The labor force is expanding at an average annual rate of about 4.3 percent.
The Federal Reserve says the unemployment rate in November was 4.9 percent, the lowest since October, with about 4 million people in the labor market.
The Fed says the labor-force participation rate has been steadily climbing over the past two years, rising from 62.2 in December 2016 to 64.7 in November, then dipping to 62.4 in December.
The increase in the employment rate has coincided with the Fed’s actions to reduce interest rates.
The economy is not expanding, the Federal State said in its unemployment report, but that is not necessarily a bad thing.
The jobless rate is now about 2.9 percentage points lower than in November.
“It is clear that the unemployment level is at a low level that is supported by the positive trends in the economy,” Fed President Stanley Fischer said in a statement.
“It is also clear that labor participation rates are improving and that more than half of the labor participation gains have been accounted for in recent months.
We expect labor force growth in coming months to be strong, with some signs that the recent decline in unemployment could be reversed in coming weeks.”
The unemployment rate dropped below 4 percent in October and December.
It then fell to 4.5 percent in January.
It was at 4.6 percent in March and April.
The Fed expects the unemployment and labor-market conditions to remain stable until late 2019.
The rate is set to decline to 4 percent by July 2020, the end of the current quarter.
The U.S. economy is expected to expand at an annualized rate of 2.4% in the third quarter of 2019.
That’s the slowest pace since November 2016.