U.S. unemployment rate declines to near a 50-year low of 3.5%, assuaging concerns that the economy is on the brink of a recession
WASHINGTON, - The U.S. unemployment rate dropped to near a 50-year low of 3.5% in September, with job growth increasing moderately, suggesting the slowing economy could avoid a recession for now despite trade tensions that are hammering manufacturing.
The two-tenths of a percentage point drop in the unemployment rate from 3.7% in August pushed it to its lowest level since December 1969. The jobless rate, which had been stuck at 3.7% for three straight months, declined even as 117,000 people entered the labor force last month. There is also political uncertainty in Washington after the Democratic-controlled U.S. House of Representatives launched an impeachment inquiry against President Donald Trump over accusations he pressed Ukrainian President Volodymyr Zelenskiy to investigate former U.S. Vice President Joe Biden, a leading candidate for the 2020 Democratic presidential nomination.
“We continue to expect the Fed to cut its target interest rate later this month,” said Michael Feroli, an economist at JPMorgan in New York. “We believe it would have taken a much stronger number to convince Fed leadership that they have already taken out enough insurance against downside risks.” Despite the tight labor market, average hourly earnings were unchanged last month after advancing 0.4% in August. That lowered the annual increase in wages to 2.9% from 3.2% in August. The average workweek was unchanged at 34.4 hours.
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