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08 October 2018, 06:23 | Joann Bryant
In the past 12 months, the USA economy added over 2.5 million jobs.
The unemployment rate fell two-tenths of a percent to 3.7 percent, the lowest number since December 1969, the Department of Labor said Friday.
There were fewer jobs, however, added to the US economy in September than analysts expected. department figures showed about 134,000 new jobs for September - well below the 185,000 anticipated by experts. This is the sixth straight month the unemployment rate has been at or below four percent, also the best in a half century. and unemployment rates continue to hover near record lows.
Average hourly earnings are forecast to have risen 0.3% month-on-month and 2.8% year-on-year.
The September Employment Report was solid despite slower than expected job growth.
The unemployment rate for African-Americans dropped three-tenths of a percent to 6%; hovering slightly higher than the historic low of 5.9%.
The job growth, though, might have been affected by Hurricane Florence, but the Labor Department isn't able to quantify the storm's impact. If the labor market were as tight as implied by the Fed's estimate of full employment, job growth this strong would likely place significant upward pressure on wages.
"No-one at the Fed thinks unemployment near three percent is sustainable", Ian Shepherdson of Pantheon Macroeconomics said in a client note.
Job gains were noted in healthcare, up 26,000, transportation and warehousing, up 24,000, and construction, up 23,000. Then, thanks to an Obama-initiated economic stimulus that some Democrats labeled necessary but inadequate, and 90 percent of Republicans flat-out opposed, the number of available jobs grew steadily, albeit with excruciating slowness over the next six years. Gains or losses are calculated via the Current Employment Survey of 147,000 business establishments, while the unemployment rate is based on the Current Population Survey of 60,000 households.
ADP reported private sector employment increased by 230,000 jobs in September.
The tightening of the labor market is leading to an increase in wages.
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