Pierced
Member
Unemployment drops to lowest level since 1969 By IAN KULLGREN 10/05/2018 08:37 AM EDT Updated 10/05/2018 10:16 AM EDT Unemployment fell to its lowest level in nearly half a century in September even as job growth slowed, allowing President Donald Trump to present a mostly-favorable economic picture in the critical home stretch before the midterm elections. The Labor Department reported 134,000 new jobs in September, down from 270,000 in August. Wage growth dipped, with average hourly earnings up 2.8percent over the previous year, down from 2.9 percent in August — the largest single-month jump in nearly a decade. But unemployment was 3.7 percent, down from 3.9 percent in August and its lowest level since December 1969. Story Continued Below If the September job-growth number signals a long-term slowdown, that would hardly be unexpected, given that the economy has for months been at or near full employment. But the September jobs number, combined with the slowdown in wage growth, complicates Republicans’ efforts to claim success from their tax cut and deregulatory policies. Earlier week, Trump boasted on Twitterabout “blowout numbers on New Jobs” that failed to materialize. Donald J. Trump ✔@realDonaldTrump Blowout numbers on New Jobs and, separately, Services. Market up! 60.9K 9:05 AM - Oct 3, 2018 Twitter Ads info and privacy 17.9K people are talking about this Long-term data show the pace of job growth under Trump has been about the same as during the last two years of the Obama administration. At the same time, the historically low unemployment rate fits neatly into Trump's promise of restoring the American economy's bygone dominance. “The American economy continues to fire on all cylinders,” Labor Secretary Alexander Acosta said in a statement. “During the past few months, we have seen GDP growth exceed 4 percent, consumer confidence rise to an 18-year high, and the stock market set new records. President Trump’s new trade agreement with Mexico and Canada will open even more opportunity for Americans.“ Abnormally high wage growth in September 2017, at 2.8 percent, may account for wages falling in BLS’ year-over-year comparison. Wages one year ago were up 12 cents an hour, the largest jump since 2007.