Unemployment Drops to 3.7 Percent-Lowest Since 1969


The African-American unemployment rate went from 6.3 percent to 6 percent, the second lowest on record behind 5.9 percent in May, according to the U.S. Labor Department who released the report on Friday.

The ultra-low jobless rate — the best in almost 49 years — reflects a healthy economy driven by strong consumer and business spending. Wall Street economists had expected an increase of about 168,000, according to MarketWatch.

But the U.S. unemployment rate fell to near a 49-year low of 3.7%, pointing to a further tightening in labour market conditions.

Republicans didn't get the kind of jobs report they would like in the run-up to the midterms, but it wasn't awful either. Average hourly pay in September rose 2.8 percent from a year earlier. "I'm not sure there's much slack left to wring out of this labor market".

September marked the 10th anniversary of the collapse of Lehman Bros. and the start of the financial crisis.

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And Supermicro wasn't just supplying boards to Elemental; it was manufacturing for hundreds of other customers. A follow-up investigation was then conducted, which reportedly remains open to this day.

September extended the longest streak of hiring on record, with millions of Americans having gone back to work since the Great Recession.

The last time the American job market was this strong, astronauts were still going to the moon.

Despite the similar unemployment rates, today's economy is vastly different from that of 1969. Job growth has repeatedly defied economists' predictions of a slowdown. This is the tenth month since 1970 that the unemployment rate has been recorded below 4 percent.

A recent report from the Organisation for Economic Cooperation and Development said that compared to other countries "a large share of the population remains at the fringes of the labour market". "These really are the good times". At the same time, other demographic factors also lower the wage total, as higher-paid older workers retire.

Wage growth, however, has not accelerated.

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Also on the agenda is Russian training for Indian astronauts as New Delhi aims to launch its first crewed space mission in 2022. This deal may attract economic sanctions from the US under CAATSA , since US President Donald Trump is yet to certify the deal.

The US Commerce Department also said August orders for non-defense capital goods excluding aircraft, which are seen as a measure of business spending plans, fell 0.9%.

The long-awaited pickup may already have begun.

This week, Amazon announced that it will raise the minimum wage for all US workers to $15 per hour, starting in November.

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. If those concerns mount, the Fed might raise interest rates more quickly than planned, which could bring the recovery to an end. Jerome Powell, the Fed chairman, said this week that the economy was good but "not too good to be true". The 134K level is barely a maintenance level, a disappointment except for the context of Hurricane Florence.

The Labour Department said it was possible that Hurricane Florence, which lashed South and North Carolina in mid-September, could have affected employment in some industries. It has increased to 2.8 percent year after year, indicating that employers have to offer more competitive remuneration to retain and attract workers from a shrinking labor pool.

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An advocate for higher minimum wages, Conti added that Amazon would likely benefit if $15 an hour became the new baseline. Earlier this year, Target increased its minimum wage for employees to US$12, with plans to raise it to US$15 by 2020.

Last year, the storms that hit Florida and Texas wreaked havoc on September's employment data.