Unemployment Dropped to 50-Year Low in Septemeber
October 4, 2019
The unemployment rate fell to its lowest level in nearly five decades in Septemeber, showing that the U.S. economy is continuing apace as the rest of the global economy slows. The economy added 136,000 jobs unemployment rate fell to 3.5 percent in September, down from 3.7 percent in August. Additionally, the job gains for August and July were revised upward. The new data came as welcome news and goes a long way to allaying fears of an impending recession.
There was bad news for the manufacturing sector. Despite the net positive job numbers, manufacturers cut jobs last month, for the second time this year. Data released earlier this week showed that manufacturing had slowed to its lowest levels in a decade, and the recent employment numbers are another blow for a struggling sector.