Published: Mon, October 08, 2018
Markets | By Noel Gibbs

United States unemployment drops to the lowest level since 1969

United States unemployment drops to the lowest level since 1969

Average hourly employee earnings rose by $0.08 or 0.3 percent to $27.24 in September, reflecting a year-over-year increase of 2.8 percent. This has been the Achilles heel of the recovery and the unmet promise of tax reform, so August is promising.

Hurricane Florence, the storm that made landfall along the mid-Atlantic US coast on September 14, caused widespread disruption for homes and employers but it was not possible to determine the extent to which this might have depressed the September jobs numbers, officials said. Downward revisions in jobs for June and July brought the three-month average to 185,000 per month.

The September released today shows a continuation of the booming labor market, with the unemployment rate falling to the 49 year low of 3.7 percent. Over the year, the unemployment rate and the number of unemployed persons declined by 0.5 percentage point and 795,000, respectively. In the Household Survey, employment rose 420,000, reversing August's 423,000 fall.

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The report keeps alive the debate about how much slack may still be left in the labor market, and whether the reality matches the Fed's own estimates of the jobless rate under which inflation would start picking up - the so-called non-accelerating inflation rate of unemployment, or Nairu.

According to CNBC, the nation's job market roared to life last month as the unemployment rate for American workers plummeted to levels not seen in roughly 50 years. Hurricane Florence probably dented hiring in some sectors as well, which should reverse in the coming months. Instead, and in the absence of other indicia, there's no reason to assume that the September employment report won't be a variation on the trends that have prevailed so far this year.

Two surveys provide data for each monthly BLS jobs report.

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As a result, the Fed is all but guaranteed to stick to its plan of raising rates four times before the end of next year, he added. This is the lowest unemployment rate in the country since 1969.

Economists forecast another robust month of job gains. Regardless, those risks are unlikely to be reflected to any great degree in this morning's report. Last month's manufacturing job losses could also be revised away.

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