The U.S. unemployment rate hit a five-decade low of 3.5% as employers added a modest 136,000 jobs in September.
In this Sept. 17, 2019, photo job seekers line up to speak to recruiters during an Amazon job fair in Dallas. On Friday, Oct. 4, the U.S. government issues the September jobs report.
Despite the ultra-low unemployment rate, which dropped from 3.7% in August, average hourly wages slipped by a penny, the Labor Department said Friday in its monthly jobs report. Hourly pay rose just 2.9% from a year earlier, below the 3.4% year-over-year gain at the beginning of the year.With the U.S. economic expansion in its 11th year and unemployment low, many businesses have struggled to find the workers they need. That is likely one reason why hiring has slowed since last year.
Persistent uncertainties about the economy in the face of Trump’s trade conflicts and a global economic slump are also affecting hotels, restaurants and other service industries. A trade group’s measure of growth in the economy’s vast services sector slowed sharply in September to its lowest point in three years, suggesting that the trade conflicts and rising uncertainty are weakening the bulk of the economy.
Consumers are still mostly optimistic, and their spending has kept the economy afloat this year. But they may be growing more cautious. Consumer confidence dropped sharply in September, according to the Conference Board, a business research group, although it remains at a high level.
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