United States unemployment drops to the lowest level since 1969

United States unemployment drops to the lowest level since 1969

The 12.2 percent September rate is the lowest since February.

The historically low US unemployment rate fell again during the month of September, but about 50,000 fewer jobs were added to the economy than experts predicted.

Economy adds 134K jobs in September. But one issue that also may have worked against the number was that the two prior months' reports were revised higher by a combined total of 87,000 jobs.

Economists had expected job creation to slow but only to 184,000, even with the hurricane effect, from the 270,000 net new positions created in August.

Last, durable and nondurable goods manufacturers added 17,000 and 1,000 employees, respectively.

"We're humming, we're just humming", White House economic adviser Larry Kudlow told reporters.

Walser Wealth Management CEO Rebecca Walser on the impact of the Federal Reserve policy on the economy and investors' portfolios and the outlook for the job market. Health care added 25,700 jobs for the month, nearly exactly in line with its average for the a year ago. But this is "still impressive given the mature stage of the current expansion", he said in an analytical note. As proof of the economy's swift upward trajectory, the non-farm unemployment rate fell to 3.7 percent-the lowest level since December 1969. Since the recession, the monthly Canadian unemployment rate has fallen to 5.8% on six occasions, most recently in July of this year.

The movie industry lost 300 jobs in September. While the employment rate (EPOP) for prime-age women (ages 25 to 54) edged up slightly to 72.9 percent, tying its recovery high hit in July, the EPOP for prime-age men dropped 0.1 percentage points to 85.9 percent, 0.5 percentage points below the peak reached in February. Ambulatory healthcare services added 10,300 jobs in September, while nursing and residential care facilities added 3,400 jobs.

Markets widely expect the central bank to raise rates again in December but some analysts say markets may not have taken the Fed's expectations for next year - another three increases - into account, potentially leaving them in for a rude shock.

Wall Street closed down sharply following the news, extending losses from Thursday's selloff due to a sudden jump in bond yields. Often when wages increase, employers may begin to use more automation or equipment to reduce human labor requirements.



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