Unemployment Rate Hits 50-Year Low as 136,000 Jobs Are Added
Despite constant media warnings the booming United States economy is headed for potential disaster, government officials are once again reporting immense job growth and record unemployment.
According data released this week by the Bureau of Labor Statistics, 136,000 jobs were added to the U.S. economy in the month of September.
Unemployment also dropped to 3.5 percent last month — a 0.2 percent decrease from August that struck 275,000 people from the ever-declining pool of 5.8 million unemployed Americans.
The unemployment rate is the lowest it has been since December 1969 — a 50 year low.
Economy added 136,000 jobs in September to bring unemployment to five-decade low https://t.co/MnlSsggb6w #news #JobsReport
— U.S. Commerce Dept. (@CommerceGov) October 4, 2019
Industries most impacted by the growth include health care and “professional and business services,” which added 73,000 jobs collectively last month.
The market does, however, appear to be slowing as analysts have predicted, according to the Bureau of Labor Statistics Commissioner William Beach.
“Thus far in 2019, monthly job growth has averaged 161,000, compared with an average monthly gain of 223,000 in 2018,” Beach wrote in a Friday statement.
And though job growth has slowed substantially since 2018, hourly payroll is strong despite a minor drop last month.
“Average hourly earnings of all employees on private nonfarm payrolls, at $28.09, were little changed in September (-1 cent), following an 11-cent gain in August. Over the past 12 months, average hourly earnings have risen by 2.9 percent,” Beach said in his statement.
Vice President Mike Pence and Secretary of Commerce Wilbur Ross both celebrated the latest government jobs report on Twitter, not failing to point out tremendous impact the Trump economy has had on minority communities.
President @realDonaldTrump promised to revive the American economy and he has delivered. The Hispanic unemployment rate has fallen to a record low of 4.2%, the number of employed Hispanic Americans has risen by 2.4 million and median household income has hit a record high! pic.twitter.com/rs3qDD1Avf
— Vice President Mike Pence (@VP) October 3, 2019
“President @realDonaldTrump promised to revive the American economy and he has delivered,” Pence tweeted.
Another great #JobsReport! Unemployment is at 50-year low. Hispanic and African American unemployment are both at the lowest levels on record. Wages are growing and the U.S. economy is humming! https://t.co/p1EKj2sYkr
— Sec. Wilbur Ross (@SecretaryRoss) October 4, 2019
“Another great #JobsReport! Unemployment is at 50-year low,” Ross wrote. “Hispanic and African American unemployment are both at the lowest levels on record.
“Wages are growing and the U.S. economy is humming!”
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