US Unemployment Drops to Lowest Level Since 1969
Thousands of American jobs created under President Trump's economy
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Unemployment figures in America have just dropped to the lowest levels since 1969, according to new US employment data.
President Donald Trump's booming economy created 136,000 American jobs in September, with the unemployment rate falling to just 3.5 percent.
According to Econoday, economists were expecting the number of new jobs to be between 120,000 and 179,000 with the consensus number at 145,000.
Unemployment was better than expected, however, after it was predicted to remain unchanged at last month’s 3.7 percent.
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According to Breitbart, the jobs data for the two previous months were also revised upward, indicating that the labor market was stronger over the summer than previously indicated.
Employment for July was revised up by 7,000 from 159,000 to 166,000, and August was revised up by 38,000 from 130,000 to 168,000.
With these revisions, employment gains in July and August combined were 45,000 more than previously reported.
The stronger numbers for July and August may also explain the slightly-below expectations figure for September since some of the growth in the employment forecast for last month had already occurred.
The last time the rate was this low was in December 1969, when it also was 3.5 percent.
Economic data has been intensely scrutinized this week for signs of economic sluggishness after the Institute for Supply Management’s survey of manufacturing companies suggested the manufacturing sector had unexpectedly contracted for a second consecutive month.
Survey data of non-manufacturing companies, however, showed that the services sector continued to expand in September.
Similarly, data on private payrolls and unemployment claims suggested that the U.S. economy had cooled but was not near a recession.
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September’s hiring may have been weighed down by the strike by General Motors workers, which has sidelined GM plants and likely prevented GM suppliers from hiring new workers.
The latest data suggests that manufacturing held its job count near steady, shedding just 2,000 jobs during the month.
Wage growth was weak in the month.
In September, average hourly earnings for all employees on private nonfarm payrolls, at $28.09, was down 1 cent, after rising by 11 cents in August.
Over the past 12 months, average hourly earnings have increased by 2.9 percent.
In September, average hourly earnings of private-sector production and nonsupervisory employees rose by 4 cents to $23.65.
