US unemployment rate falls to 50-year low of 3.5%

The US unemployment rate has fallen to a 50-year low, presumably easing recession worries after latest weak financial information.

The Labor Department figures confirmed that the rate fell to 3.5% in September from 3.7%, with the economic system including 136,000 jobs final month.

In addition, August information was revised up to 168,000 jobs created as a substitute of the beforehand reported 130,000.

However, wage development was unchanged and manufacturing jobs fell in September.

The report got here on the heels of a string of weak financial reviews, together with a plunge in manufacturing exercise to greater than a 10-year low in September and a pointy slowdown in companies trade development to ranges final seen in 2016.

There are fears that the Trump administration’s 15-month commerce struggle with China is spilling over to the remaining of the US economic system, which has been one of the few shiny spots in a world the place many different international locations are experiencing marked slowdown.

The US-China commerce dispute has eroded enterprise confidence, hitting funding and manufacturing.

Despite the continued average employment development and sharp drop within the jobless rate, many economists nonetheless anticipate the Federal Reserve to lower rates of interest not less than yet another time this yr.

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