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.
Trump admin asks Spanberger, Virginia officials not release illegal charged with groping high school girls
Trump voter ID push faces Senate test as GOP rebels threaten to sink bill
Viktor Orban faces uphill battle to hold leadership as opposition hits him on Russia ties and accusations of corruption
Where things stand with Iran war in its third week
Minnesota bill would ban warrants allowing police to collect data from devices near a crime scene
Jasmine Crockett defends her security guard who was killed in police standoff, wanted for impersonating cop
ABC News Left Out Crucial Context In Story About Iran Drone Threat To California
Anti-ICE agitators blow cover in Boston, allowing child rape suspect to evade arrest for weeks
Utah children’s book author Kouri Richins convicted in husband’s murder
Search for missing retired Air Force general enters third week as investigators probe new clues
Trump questions Newsom’s fitness for White House, citing his dyslexia
Court allows DOJ to proceed with appeal over law firm executive orders
Trump lawyer in Jack Smith case draws conservative backing after DOJ praise rattles ‘elite’ legal conference
Illegal immigrant held on ICE detainer in Charlotte murder as disturbing details surface
Vance accuses media of trying to ‘drive a wedge’ between him and Trump over Iran
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.
