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U.S. Jobless Rate Drops to 49-Year Low
Unemployment in the U.S. shrank to 3.7% in September, its lowest rate since December 1969, according to the U.S. Dept. of Labor.
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Unemployment in the U.S. shrank to 3.7% in September, its lowest rate since December 1969, according to the U.S. Dept. of Labor.
The decline came as growth in non-farm jobs slowed to 134,000 units, the smallest gain in 12 months. Growth in average hourly earnings slowed to an annualized 2.8% from 2.9% in August.
Analysts note that employment in the leisure and hospitality industries was disrupted by Hurricane Florence. Some say the country’s exceptionally low unemployment rate reflects a growing number of unemployed people who have stopped looking for work.
Economists argue that an unemployment rate of about 3% or less is not sustainable.
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