US adds just 134K jobs; unemployment a 49-year low, 3.7 pct

Everything You Need to Know About the September Jobs Report

U.S. Unemployment Rate Drops To 3.7 Percent, Lowest In Nearly 50 Years

The economy added 134,000 jobs in September while previous estimates were revised up from 147,000 to 165,000 for July and from 201,000 to 270,000 for August, the Bureau of Labor Statistics (BLS) reported on October 5.

People attend the Executive Branch Job Fair hosted by the Conservative Partnership Institute at the Dirksen Senate Office Building in Washington, U.S., June 15, 2018.

The US unemployment rate in September fell to 3.7%, its lowest level since December 1969. "There are plenty of new, high paying jobs available in our great and very vibrant economy", Trump said in a September 20 tweet.

The dollar and Treasury yields fluctuated after the report, with the 10-year rate briefly touching a fresh seven-year high. "There is little in this report to stop the Fed continuing to raise interest rates gradually".

President Donald Trump's trade fights could also weigh on the economy, though the effect on hiring won't likely be felt until next year, economists say. "It's going to reinforce the Fed's path for raising rates".

Initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 207,000 for the week ended September 29, the Labor Department said on Thursday. Data-collection rates were within normal ranges for both surveys. Almost 300,000 workers told the BLS that bad weather kept them away from their jobs, most likely in industries like hospitality in which they're paid only if they show up.

Economists expected only a marginal impact on payrolls from Hurricane Florence, which lashed South and North Carolina in mid-September.

The jobless rate for adult men is 3.4 per cent, teenagers 12.8 per cent, Blacks 6 per cent, Asians 3.5 per cent and Hispanics 4.5 per cent, the data said.

A recent report from the Organisation for Economic Cooperation and Development said that compared to other countries "a large share of the population remains at the fringes of the labour market".

The September jobs report was either noteworthy or disappointing, depending on how you look at it. This not only deflated the monthly payroll change, it also showed up in outsized wage pressures for the construction and utility sectors.

The household survey showed 299,000 people reported staying at home in September because of the weather, while 1.489 million employees worked part-time because of the weather. The National Association of Manufacturers have attributed continued growth to regulatory rollbacks and tax cuts enacted a year ago, and their quarterly survey shows that 73.2 percent of their members report attracting a qualified workforce to be their top business challenge. Hiring data may show storm- related swings for October too, economists said.

Today's jobs figures show that United States manufacturing payrolls increased by 18,000 in September. The decline suggests that Blacks had a less tough time with finding work. The August reading was the highest since February.

Healthcare employment rose by 26,000 in September. "The standard measures just don't reflect those increases well, if at all".

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