September jobs report shows unemployment hitting 49-year low

US unemployment falls to lowest rate in 48 years despite Hurricane Florence

Unemployment fell to a 48-year-low of 3.7 percent last month from 3.9 percent, an unusually large drop, according to the Labor Department's closely-watched monthly jobs report.

The rate remained unchanged in September at 62.7 percent of eligible workers in the workforce, down from a pre-recession rate of 66 percent.

The low unemployment rate provided more evidence of a booming economy, which is now in a record eight-year streak of job gains. Figures issued Thursday showed applications for unemployment benefits fell in the week ended September 29 following a storm-related surge in the prior week, and claims are once again near the lowest level in nearly five decades. The number of unemployed people in the USA shrank by 270,000 to 6 million.

Ian Shepherdson, the chief economist at Pantheon Macroeconomics, predicted that the jobless rate will fall as low as 3.25 percent by this time next year, strengthening the case for the US Federal Reserve to keep raising interest rates.

The Labor Department reported Friday that the rate edged down from 3.9 percent the month before as employers added 134,000 jobs - a figure that was probably depressed by the effects of Hurricane Florence in the South.

"Given the fact that the job market has been so strong for so long, there is an expectation that labour will begin to take more of the capital from corporate profits going forward", said Michael Arone, the chief investment strategist for the US SPDR business at State Street Global Advisors. The storm struck North and SC in the middle of September and closed thousands of businesses.

Here’s how much fast food Americans are eating
And among high-income families (those with incomes above 350% of the poverty line), 42% dined on fast food on a typical day. Still, the CDC said that fast food's ubiquity and price can make it an attractive option for some people.

The Trump administration says eliminating the trade deficit will put the economy on a sustainable path of faster growth, an argument that has been dismissed by many economists as flawed given constraints such as low productivity and slow population growth. On average, businesses added almost 200,000 jobs per month this year - well above the number needed to keep up with a growing population. It also showed the labour market continuing to tighten, perhaps eventually pressuring companies to pay workers more. But the two previous months' payrolls were revised up by a total of 87,000. Average weekly wages rose at an impressive 3.4 percent over past year.

Average earnings grew 2.8 percent year-over-year.

As more slack is squeezed out of the labour market, economists expect annual wage growth to hit 3%. Amazon this week raised its minimum wage to $15 an hour.

"Employers are finding it harder to recruit and having to pay more when they do", Mr Robbins said. Overall government payrolls increased by 13 000.

The unemployment rate leaves out workers who haven't sought a job in the past four weeks. However, there was an increase in the number of people working part-time who want full-time work.

In addition, the GDP grew an estimated 4.2 percent in the second quarter, claims of unemployment insurance are the lowest since the 1960s, middle-class income is highest on record (adjusted for inflation), and small business optimism has hit one record after another since Trump's election.

Related News:

  • Banksy’ed: Street artist’s painting shreds itself moments after selling for $1.4M

    Banksy’ed: Street artist’s painting shreds itself moments after selling for $1.4M

    It's unclear exactly how Banksy , the world-famous artist whose identity is still a mystery, pulled it off. It was sold at Sotheby's Contemporary Art Evening Sale on Friday night.
    United Fans Raging As They Trail To Newcastle 2-0 At Half

    United Fans Raging As They Trail To Newcastle 2-0 At Half

    Mourinho reacted by making Eric Bailly the fall guy - subbing the Ivorian off after just 19 minutes in place of Juan Mata . Sources at United have told ESPN FC that they believe Mourinho to be increasingly unhappy and ill-tempered at the club.
    Jose Mourinho relieved after gutsy Man United rally to beat Newcastle

    Jose Mourinho relieved after gutsy Man United rally to beat Newcastle

    But even with these distractions, United surely have the edge in the club-in-crisis, broken-badge stakes. Rafa Benitez's side take on Manchester United this evening in a televised game (5.30pm kick-off).
  • UFC 229 Pre-Fight Press Conference Follows Its Own Script

    UFC 229 Pre-Fight Press Conference Follows Its Own Script

    Screenshot of UFC Video Conor McGregor throwing an object at a bus filled with UFC fighters at the Barclays Center in NY . Since then, his only prize fight has been a lucrative boxing bout against Floyd Mayweather which he lost.

    Melania Trump criticised for wearing 'colonialist' pith helmet on Kenyan safari

    USA first lady Melania Trump stands in front of the Sphinx as she visits the Pyramids in Cairo, Egypt, October 6, 2018. But it was her attire which drew concern on Twitter, as she donned a white pith hat, with her riding pants and boots.
    Toyota recalls 2.43 million cars globally

    Toyota recalls 2.43 million cars globally

    The vehicles in the current recall had been called back before, in February 2014 and July 2015, for a related issue, Jault said. On top of that, Toyota will fix faulty vehicles for free, with the total process expected to take around 40 minutes.
  • LG announces the first five-camera smartphone, the V40 ThinQ

    LG announces the first five-camera smartphone, the V40 ThinQ

    The 8 MP camera has a bright f/1.9 aperture and an 80° lens, while the 5 MP camera has a f/2.4 aperture and a 90° lens on top. It has a dimension of 158.8×75.7×7.6mm weighing at 169 grams which is still slightly lighter than OnePlus 6' 177 grams.
    India inks deal for S-400 purchase from Russian Federation  on Putin's visit

    India inks deal for S-400 purchase from Russian Federation on Putin's visit

    Russian President Vladimir Putin has signed into law an unpopular bill raising the retirement age by five years, the Kremlin said. She did not comment on the deal, but said that any waivers would be considered on a transaction by transaction basis.
    SHOCK: Liberal Former SCOTUS Justice Opposes Kavanaugh

    SHOCK: Liberal Former SCOTUS Justice Opposes Kavanaugh

    Stevens served on the court for 35 years and retired in 2010 after having been nominated by former president Gerald Ford . He says commentators have argued that Kavanaugh's Senate testimony last week showed a potential for political bias.
  • Brett Kavanaugh sworn in as Supreme Court justice

    Brett Kavanaugh sworn in as Supreme Court justice

    This week, Trump mocked Ford's account of what she says was a drunken attack on her by Kavanaugh when they were teenagers. Senate for confirming our GREAT NOMINEE, Judge Brett Kavanaugh , to the United States Supreme Court ", Trump wrote .

    Brett Kavanaugh Confirmed to the Supreme Court of the U.S.

    Trump called the Kavanaugh confirmation process - and ensuing backlash - a "rallying cry" for the GOP. "In my conscience. Manchin used an emailed statement to announce his support for Kavanaugh moments after Collins finished talking.
    Brett Kavanaugh: Key US Senators Back Embattled Supreme Court Choice

    Brett Kavanaugh: Key US Senators Back Embattled Supreme Court Choice

    Susan Collins , following Collins' announcement that she would vote to confirm Brett Kavanaugh to the Supreme Court . Initially, it was unclear whether that meant he would support Trump's nominee to the nation's highest court.


Most liked

Officer Dead, 6 Others Injured In South Carolina Standoff
So many people came to Carraway's rural house across from a soybean field that they were parking in an empty lot next door. Authorities reported that Hopkins' son was also shot, but it is unclear at this time whether Hopkins or police shot him.

Liverpool v Manchester City
Klopp has been described as Pep Guardiola's nemesis but the German insisted there is no magic formula to beating City. That's how it is. " So there's nothing better than playing these type of games ".

Jury convicts Chicago officer of 2nd-degree murder
By far the most serious charge Van Dyke , 40, faced was first-degree murder, which carries a maximum sentence of life in prison. The prosecution said Van Dyke fired unnecessarily within six seconds after arriving at the scene, striking McDonald 16 times.

Spanish opera singer Montserrat Caballe dead at 85
She went on to tour the world in a career spanning 50 years, garnering worldwide acclaim for her creamy voice and dramatic power. However, despite a glittering and successful career, it was not without controversy.

France raises questions over disappearance of Interpol chief
Mr Meng is the first person from China to serve as Interpol's president, a post that is largely symbolic but powerful in status. Mr Meng, who entered politics in 1972, has held several senior positions in China as well as vice minister of public security.

JP Morgan Expects 'Full-Blown Trade War' Between U.S. and China
Google employees and others have protested the company's plan to build a search engine that would comply with Chinese censorship. Flags of United States and China are placed for a meeting at the Ministry of Agriculture in Beijing, China, June 30, 2017.

Sen. Collins to reveal how she'll vote on Kavanaugh
If anything Kavanaugh proved that point in his testimony, which essentially was one long attack against Democrats. Joe Manchin of West Virginia became the final formerly undecided senators to announce their votes.

Pompeo heads to North Korea for nuclear talks
But he added that much work remains to be done and that the sanctions against the DPRK will stay in place "until denuclearization occurs".

Keylor Navas: Cristiano Ronaldo set the bar very high, that's no secret
That still wasn't enough to satisfy coach Massimiliano Allegri. The Swiss side only had one shot on target the whole match.

Senate GOP releases summary of Federal Bureau of Investigation probe into Kavanaugh
Democrats say the interviews, which they originally requested, are incomplete and inconclusive. Manchin said Friday he would not speak about his decision until the final vote occurs.

Petrol, Diesel cheaper by Rs 5 from midnight
However, South Indian states such as Kerala, Karnataka and Andhra Pradesh say they can't cut their fuel taxes anytime soon.

‘Jersey Shore’s The Situation Sentenced To Prison For Tax Evasion
Sorrentino has also been fined $10,000 and will be required to complete 500 hours of community service. Sorrentino is also planning to marry his longtime girlfriend Lauren Pesce in the coming weeks.

U.S. pulled out of international accords, says U.N
Bolton told reporters that the dual actions on October 3 are related to the administration's rejection of the ICC. The decision was reportedly the first time that worldwide judges have ruled on a case of "economic warfare".

Tyson Beckford Slams Kim Kardashian Again Following Kanye West Feud
The reality star added that the comments were " insensitive ", and that she and her sisters just got "carried away" in the moment. Tyson Beckford has reignited his feud with Kim Kardashian and Kanye West in a new series of posts on Instagram .

Cristiano Ronaldo appears to have been removed from the EA Sports website
Ronaldo has been accused of rape by Kathryn Mayorga, who claims the Juventus superstar assaulted her in Las Vegas in 2009. The former Manchester United player had been rested for their internationals in September.