U.S. jobless rate falls to 48-year low in September

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				AP

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But he said the very low unemployment rate also reflected an increase in the number not looking for work, who were not classified as unemployed.

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

What's more, the government today revised sharply up its estimate of hiring for July and August by 87,000 jobs.

The unemployment rate for September dropped two-tenths of a point from August to 3.7 percent, according to the Bureau of Labor Statistics.

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

The Labor Department said Hurricane Florence may have impacted jobs results, with leisure and hospitality employment down slightly after trending upwards over the last several months.

"There is little in this report to stop the Fed continuing to raise interest rates gradually". Most say it's a temporary dip, blaming the effects of Hurricane Florence, which battered and flooded the Carolinas in mid-September, during the time the jobs survey is conducted.

"The acceleration in job gains this year is extraordinary in an environment where firms are having great difficulty finding qualified candidates", said Stephen Stanley, chief economist at Amherst Pierpont Securities.

Teenagers, less-educated workers and disabled Americans have also made progress in recent months and anecdotal reports suggest that companies were becoming more willing to hire people with criminal records or to waive drug-testing requirements. So far this year, monthly job growth has averaged 208,000, up from a pace of 182,000 for all of last year. This not only deflated the monthly payroll change, it also showed up in outsized wage pressures for the construction and utility sectors.

Last month, average hourly pay increased 2.8 percent from a year earlier, one tick below the year-over-year gain in August.

Average earnings grew 2.8 percent year-over-year. As more slack is squeezed out of the labor market, economists expect annual wage growth to hit 3 percent.

Amazon's announcement this week that it would increase its minimum hourly wage to $15 for all its US employees elevated the pressure on other employers to lift their wages as well. Overall government payrolls increased by 13 000. North said the numbers indicate that employers are requiring the people they already have on their payrolls to work longer hours each week.

From the low point in the aftermath of the financial crisis, the number with jobs has increased by nearly 20 million.

Unemployment in the United States has fallen to its lowest level since the year that Neil Armstrong walked on the moon in a sign that the economy continues to surge under President Trump. In March 2010, African-American unemployment had hit 16.8 percent.

However, the number of jobs added was only 134,000, down from 270,000 in August. "There are plenty of new, high paying jobs available in our great and very vibrant economy", Trump said in a September 20 tweet.

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