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Old 10-05-2019, 12:12 PM
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Default US unemployment rate falls to five-decade low of 3.5%

US unemployment rate falls to five-decade low of 3.5%
By Alexandra Steigrad October 4, 2019 | 8:57am

https://nypost.com/2019/10/04/us-une...a-50-year-low/

Joblessness across the US hit a 50-year low last month, easing fears about a possible recession amid President Trump’s trade war with China.

Employment growth, however, wasn’t quite as robust as some economists had expected, showing particular weakness in manufacturing and services.

The US added 136,000 jobs in September — about 5,000 fewer than expected — as the jobless rate dropped to 3.5 percent in September from 3.7 percent in August. That’s the lowest since December 1969, the Labor Department said Friday.

“The unemployment rate usually rises ahead of a recession, so a fresh decline pushes out the timeline for any potential recession into late 2020 at the earliest,” said Josh Wright, chief economist at iCIMS in New York.

Meanwhile, the not-too-hot, not-too-cold numbers spurred fresh talk of a “Goldilocks” economy — in which the Federal Reserve might cut interest rates again before year’s end.

Fed Chair Jerome Powell reiterated on Friday that the economy was “in a good place,” adding that “our job is to keep it there as long as possible.”

The Dow Jones industrial average surged 372.68 points, or 1.42 percent, to close at 26,573.72. Earlier this week, the Dow had tumbled 800 points in back-to-back sessions on weak payrolls data and news that US manufacturing hit a 10-year low last month.

Average hourly earnings changed little over the month and were up 2.9 percent for the year, the Labor Department said — a bump that President Trump on Friday hailed as “a fantastic increase for everybody out there working.”

“Europe is not doing well. Asia is doing poorly, to put it mildly, and we continue to do very well,” Trump said. “We’re the miracle.”

House Speaker Nancy Pelosi countered that “America’s farmers, workers and families are facing an uncertain future as the cost of living soars and Republicans continue to try to destroy lifesaving protections for people with pre-existing conditions.”

Pelosi’s rebuttal brushed past the fact that the jobless rate for Hispanics hit a new record low, and the level for African Americans maintained its lowest level ever.

Health care, transportation and business-service sectors added jobs at a strong clip in September. Payrolls for August and July were revised up by a combined 45,000.

Manufacturers, however, slashed employment last month, providing further evidence that the factory sector is on shaky ground. Faltering manufacturing has been a key factor behind a slowdown in global growth over the past year.

Friday’s report comes amid uncertainty about the economy, and fears that weakness overseas may impact the US and potentially trigger a recession.

Despite the “unimpressive jobs report,” Steve Rick, Chief Economist at CUNA Mutual Group said the economy is “still in fighting shape” for the moment.

“The housing market ticked up last month, and GDP still held its own last quarter and exceeded 2 percent, which is no small feat given the headwind,” he said.
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Old 10-05-2019, 12:13 PM
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Default Re: US unemployment rate falls to five-decade low of 3.5%

Another article:

U.S. Unemployment Rate Falls to 50-Year Low
October 4, 2019

https://www.whitehouse.gov/articles/...tm_campaign=rr
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Old 10-05-2019, 04:11 PM
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Default Re: US unemployment rate falls to five-decade low of 3.5%

September Jobs Report: Unemployment at Historic 50-year Low
Posted by Fuzzy Slippers Saturday, October 5, 2019 at 4:00pm

https://legalinsurrection.com/2019/1...w/#more-296993
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