Published: Mon, October 07, 2019
Markets | By Otis Pena

Unemployment rate falls to 3.5% as 136K jobs added in September

Unemployment rate falls to 3.5% as 136K jobs added in September

United States job growth increased moderately in September, with the unemployment rate dropping to near a 50year low of 3.5 per cent, which could assuage financial market concerns that the slowing economy was on the brink of a recession amid lingering trade tensions.

"Breaking News: Unemployment Rate, at 3.5 percent, drops to a 50 YEAR LOW".

Still some groups continue to benefit from the tight labor market: Unemployment among Hispanics fell to its lowest level since records began in 1973.

Hiring has slowed this year as the U.S.

The three-month average gain in private employment fell to 119,000, the smallest since July 2012, from 135,000 in August. The rate for Latinos fell to 3.9%, also a record low.

Amid signs that the global economy is slowing, American hiring nonetheless remains strong.

"We were going to build a new building, and add a restaurant and bar, which would have expanded our employment significantly", Lix said.

The job market is the economy's main bulwark.

"Wow America, lets impeach your President (even though he did nothing wrong!)", the president tweeted Friday morning.

Canadian politician Jagmeet Singh told to ‘cut off turban’
Singh is scheduled to share his party's vision for a more affordable Canada during the stop from 8:15 a.m.to 9:30 a.m. Quebec's Bill 21 seeks to prevent public employees from wearing religious symbols - including a turban - on the job.


Imports increased 0.5 percent, while exports rose 0.2 percent, rising more slowly than in July.

But while job creation continued, the pace was more subdued and wages were flat, showing a slowing trend. The monthly average increase for this year was 158,000.

Nevertheless, the monthly average of employment increases in 2019 (+161,000), with only one more quarter to go, has been considerably more restrained than during the same January-to-September period of a year ago (+220,000).

"So the unemployment numbers just came out, and they're the best numbers we've had in over 50 years", Trump told reporters before boarding Marine One. Of particular note, he said, was that wage growth slowed from 3.2 percent to 2.9 percent in September. The average to date for the year is just 161,000, compared with 223,000 for the same period in 2018.

BLS's separate establishment survey shows total nonfarm payroll employment increased by 136,000 jobs last month. "The job growth was less than what Wall Street and economists were expecting, but the drop in the unemployment rate was unexpected".

The monthly report also showed wage growth was unchanged, and manufacturing payrolls declined for the first time in six months. Prices of U.S. Treasuries rose marginally.

Even Trump's trade war with China, which led to both countries imposing batteries of import tariffs, hasn't stopped the jobs market from expanding.

But the unexpected trade deficit increase could weigh on GDP calculations for the third quarter, with a global economic slowdown expected to weaken US exports while the strong USA dollar has fueled imports. Home sales, for example, have rebounded as mortgage rates have fallen, helped in part by the Fed's two interest rate cuts this year.

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