WASHINGTON–The U.S. unemployment rate hit its lowest point in 49 years according to numbers just released by the Labor Department. Unemployment dipped to 3.7% in September, after adding 134,000 jobs, according to the report.
Those 134,000 new jobs were below forecast and were actually the slowest pace of the year, but numerous economists agreed “there is little evidence that those mildly disappointing figures mark a larger slowdown.”
The Labor Department also said average earnings were up by eight cents per hour and have risen 2.8% over the past year.
The latest jobs report marks eight straight years of monthly job growth, double the previous record.
“The current economic expansion is already one of the longest on record, but there is no sign of it losing steam. Economic output last quarter rose at its fastest pace in four years, and this quarter looks strong as well,” reported the New York Times. “Yields on United States government bonds have risen sharply in recent days, an indication that investors expect faster growth, and more inflation, in coming years.”
‘Wages Should Bounce Back’
“This was another solid jobs report. Gains for the month came in below trend, but sizable upward revisions to prior months made up the difference,” said NAFCU Chief Economist Curt Long. “In addition, although the Labor Department claimed an uncertain impact from Hurricane Florence, the drop in both retail trade and leisure and hospitality – two industries that are vulnerable to weather events – suggests there may be a rebound in store next month. Wage growth slowed but the year-over-year figure should bounce back next month as it will be compared against October 2017, which saw a 4% decline from the month prior.”