U.S. unemployment falls to lowest rate in 48 years

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				AP

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This is the lowest unemployment rate since December 1969. But the more-inclusive "underemployment" rate (technically U6), ticked up to 7.5% from 7.4%.

If the rate keeps dropping, it will heighten two concerns: Has the economy soaked up almost all the people who want or are able to work?

The Labor Department says employers added just 134,000 jobs, the fewest in a year, though that figure was likely lowered by Hurricane Florence.

In reporting September's employment figures, the government revised sharply upward its estimate of hiring for July and August.

The US economy needs to create roughly 120,000 jobs per month to keep up with growth in the working-age population.

The unemployment rate declined by 0.2 percentage point to 3.7 percent in September, and the number of unemployed persons decreased by 270,000 to 6.0 million. Analysts noted that this is the lowest unemployment rate since 1969.

If the jobless rate should fall two ticks to 3.7 percent, it would reach the lowest level in almost five decades.

A robust labor market is underpinning the economy and together with high savings could support consumer spending as the stimulus from the Trump administration's $1.5 trillion tax cut package fades.

That storm struck North and SC in mid-September and closed thousands of businesses. "T$3 he official data only include people who were paid something - anything - in the survey period". 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.

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The unemployment rate in the USA fell to 3.7 per cent in September, the lowest since December 1969, when hundreds of thousands of working-age Americans were serving in Vietnam, according to a new report by the Labour Department.

Average hourly earnings increased eight cents, or 0.3 percent, in September after rising 0.3 percent in the prior month. Average hourly pay in September rose 2.8 percent from a year earlier.

Wage growth remains sufficient to keep inflation around the Fed's 2% target.

The average workweek for all private employees was unchanged at 34.5 hours.

In fact, the Fed's latest survey of national business conditions reflected concerns about labour shortages that are extending into non-skilled occupations as much as about tariffs.

Washington last month slapped tariffs on $200 billion worth of Chinese goods, with Beijing retaliating with duties on $60bn worth of U.S. products. The United States has since struck a trade deal with Canada and Mexico.

Despite newly-imposed tariffs on steel and aluminum, manufacturing added another 18,000 jobs.

S&P Global economist Satyam Panday noted that the three-month average for job gains was 190,000, slightly below the rate of 201,000 over the previous year. Leisure and hospitality positions were down 17,000.

The retail sector shed 20,000 jobs, largely from garden and building material supply stores, after having showed relatively strong growth in the first half of the year.

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