The unemployment rate has fallen to a 50 year low with new employment data showing it down to 3.5%:
Breaking News: Unemployment Rate, at 3.5%, drops to a 50 YEAR LOW. Wow America, lets impeach your President (even though he did nothing wrong!).
— Donald J. Trump (@realDonaldTrump) October 4, 2019
As you see, Trump is very happy about it.
Here’s more from Fox Business:
And from CNBC:
Unemployment hit a fresh 50-year low in September even though nonfarm payrolls rose by just 136,000 as the economy nears full employment, the Labor Department reported Friday.
The jobless rate dropped 0.2 percentage points to 3.5%, matching a level it last saw in December 1969. A more encompassing measure that includes discouraged workers and the underemployed also fell, declining 0.3 percent points to 6.9%, matching its lowest in nearly 19 years and just off the all-time low of 6.8%.
Also, the jobless rate for Hispanics also hit a new record low, while the level for African Americans maintained its lowest ever.
The drop in the unemployment rate, though, was for positive reasons, as it did not reflect a corresponding decline in the labor force participation rate, which held steady at 63.2%. The total labor force increased by 117,000, while the employment-to-population ratio increased one-tenth of a point to 61%.
While employment data was stellar, growth missed expectations:
At the same time, the economy saw another sluggish month of growth. The nonfarm payrolls count missed the 145,000 estimate from economists surveyed by Dow Jones; the expectation on the jobless rate was to hold steady at 3.7%.
Wages also were a disappointment, with average hourly earnings little changed over the month and up just 2.9% for the year, the lowest increase since July 2018.
There were upward revisions to both August and September’s job numbers:
However, there was some additional good news because the previous two months saw upward revisions. August rose sharply, from an initial estimate of 130,000 to 168,000 while July increased from 159,000 to 166,000 for a net gain of 45,000.
This sums up the job report. I’ll leave you with this…