U.S. Unemployment Rate Drops To 3.5% – Lowest Jobless Rate Since 1969
By Fox Business // October 5, 2019
ABOVE VIDEO: U.S. Unemployment Rate Drops To 3.5% For Third Quarter.
(FOX BUSINESS) – Unemployment dropped to a 50-year low in September, even as job growth remained sluggish, with businesses adding just 136,000 workers.
While the jobless rate fell by 0.2 percentage point to 3.5 percent, the lowest rate since 1969, hiring missed economists’ expectations of 145,000 and came in sharply below the 2018 average of 223,000.
The data comes amid renewed concern that the U.S. economy is decelerating, driven by a slew of lackluster data this week: the worst manufacturing reading in more than a decade — a key harbinger of recession — and lower-than-expected private-sector job growth.
If the September employment data shows slowing growth, however, the numbers are still strong enough to allay worries about a downturn. Previous employment estimates from July and August were raised by a combined 45,000.
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