The U.S. economy created 136,000 jobs in September and the unemployment rate fell to 3.5 percent.
Economists had expected the economy to between 120,000 and 179,000 with the consensus number at 145,000, according to Econoday. Unemployment was expected to remain unchanged at last month’s 3.7 percent.
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 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.
GOP lawmaker unveils historic move to ‘expunge’ both ‘maliciously false’ impeachments against Trump
Trump says Iran’s latest proposal reneges on giving up enriched material: ‘Are they stupid people?’
Developing: Virginia Dems Plotting Overthrow of Entire State Supreme Court to Save Redistricting Scheme
Two Israeli Soldiers Sentenced to Prison for Desecration of Mary Statue
WHCA dinner gunman pleads not guilty to attempted Trump assassination charges
WHCA Dinner shooting suspect Cole Allen pleads not guilty, judge scoffs at defense’s power play
Footage shows moments before Frontier Airlines jet struck person on Denver airport runway
Democrats consider plan to wipe conservatives off Virginia Supreme Court: Report
Jeff Landry dismisses concerns about 45,000 discarded ballots after suspended primaries: ‘It’s not my fault’
Former Dem gov in hot seat for ‘complete failure’ in ‘INSANE’ early release of thousands of inmates
House Freedom Caucus vows ‘gloves are coming off’ as FISA deadline looms
Alert: American Who Was on Hantavirus Cruise Ship Tests Positive, as 2nd Passenger Now Showing Symptoms
Frontier Plane Hits Pedestrian During Takeoff at Denver Airport
US Sanctions Foreign Entities Accused Of Sharing Satellite Imagery, Access to Arms to Prop Up Iran’s War Effort
The unexpected force keeping beef prices high and why the pressure could last for years
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.
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, were 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.
Story cited here.
