U.S. unemployment rate drops unexpectedly to 3.5% | 4 October 2019

US adds 136000 jobs, lowering unemployment to 3.5%

The job market has been among the most solid indicators in Trump's economy, steamrolling over skeptics with continued growth. The overall unemployment rate fell to a 50-year low of 3.5% from 3.7% in August.

The US central bank cut rates in July for the first time since 2008 and cut them again last month. Consumer spending has kept the economy growing even as the trade war hurts United States manufacturing and farming.

The Bureau of Labor Statistics released employment data for the month of September, and the jobs report came in below expectations.

Wall Street was reassured by the news, with the benchmark Dow Jones Industrial Average ending the day with a gain of 1.4 percent.

With signs of a weakening economy spreading and financial markets gyrating, Friday's monthly jobs report will be watched for any evidence that the turmoil might be threatening the critically important US job market.

Still some groups continue to benefit from the tight labor market: Unemployment among Hispanics fell to its lowest level since records began in 1973. Chinese and USA officials are expected to meet in Washington on October 10-11.

"What the trade deficit is telling you is that the USA consumes more than it produces", he said.

Still, a drop-off in the pace of hiring compared with a year ago points to rising uncertainty among employers about the job market and the economy in the face of President Donald Trump's numerous trade conflicts. Growth estimates for the third quarter range from as a low as a 1.3 per cent annualised rate to as high as a 1.9 per cent pace. The labor force participation rate for prime-age adults (ages 25-54), which largely avoids the demographic effects of the aging population, remained at 82.6 percent-1.2 percentage points above its rate in November 2016.

The Black unemployment rate was 5.5 percent in September, matching the historic low of the previous month. The rate for Latinos fell to 3.9%, also a record low.

But the bright spot in the Labor Department's report was the unexpected drop in the unemployment rate to the lowest level since December 1969.

"Thanks to our pro-American agenda, the economy is booming, wages are rising and poverty is plummeting", said President Trump.

The average workweek for employees on private, nonfarm payrolls held steady at 34.4 hours.

The September 2019 jobs report showed decent hiring during the month with the health care and education industries seeing the biggest growth.

Factory employment growth has slowed from last year's brisk pace.

The White House has attributed these numbers to the administration's "pro-growth agenda". Some are also paying retention and signing bonuses and in some cases double pay for overtime.

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