Economy adds 223K jobs in May, unemployment down to 3.8 percent

The U.S. economy added 223,000 jobs in May.

The unemployment rate fell to 3.8 percent, the lowest level since April 2000, and a slight drop from 3.9 percent, the Labor Department reported on Friday.

Job gains were 15,000 more than previously reported in March and April

Average hourly pay increased 2.7 percent over the past year.

The job market is also benefiting a wider range of Americans: The unemployment rate for high school graduates reached 3.9 percent, a 17-year low. For black Americans, it reached a record low of 5.9 percent.

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