News Opinons Politics

Unemployment Falls to Lowest Level Since 1969

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.


Inside the lobbying battle over a tariff provision of the ‘big, beautiful bill’
Microsoft applied to fill thousands of foreign worker positions in months before mass layoffs
Georgia police officers break into car parked outside mall with two children sweltering inside: video
AOC-backed socialist mayoral candidate backtracks after calling to ‘dismantle’ police in 2020
Trump praises Florida after county approves renaming roadway after him: ‘Wonderful honor’
LA mayor joins controversial lawsuit to block Trump’s immigration enforcement measures
Jim Clyburn gives nod to Gavin Newsom’s 2028 ambitions during South Carolina visit
Zohran Mamdani secures victory with ‘most total votes’ in NYC mayoral primary history
Tariff case pits Cato Institute against Trump over ‘unlimited’ executive power under emergency law
Watch: Top Trump Official Leads Entire Cabinet in ‘Powerful Prayer’ for Texas Before Reporters Arrived
Supreme Court Hands Trump a Major Win: Government Fat Cats Should Be Terrified
Biden’s strange use of teleprompter in donor’s home infuriated supporters, dashed expectations
Trump Fumes at Reporter Before Bondi Tries to Explain Away Critical Missing Minute of the Epstein Video
Trump cautions that NY will ‘never be the same’ if ‘communist’ Mamdani is elected
Breaking: Trump’s Finally Bringing Justice – Brennan and Comey Officially Under Criminal Investigation
See also  Zelensky confirms call with Trump after Russia launched largest aerial assault of Ukraine war

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.

Share this article:
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter