THE TRUMP EFFECT: Unemployment Drops to 3.7 – Lowest Rate Since 1969

The economy added only 134,000 jobs in September but that’s only because we’re reaching such low levels of unemployment. The rate has dropped to 3.7 and the last time it was that low, Richard Nixon was still in the WHite House.

The Hill reports:

Unemployment hits 49-year low, economy adds 134K jobs in September

The U.S. economy added 134,000 jobs in September, well below expectations, as the labor market still shows strength heading into the fall.

The unemployment rate fell to 3.7 percent for the lowest level since December 1969, the Labor Department reported on Friday.

Mark Zandi, chief economist of Moody’s Analytics, said after a private survey found that businesses added 230,000 jobs last month, that at the current pace of job creation, unemployment will fall into the low 3 percent’s by this time next year.

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Estimates had been for about 184,000 jobs in September.

There were 87,000 more jobs in July and August than initially reported.

Jason Furman, the former head of the Council of Economic Advisers in the Obama administration, said the drop in unemployment along with upward revisions in jobs growth in July and August is “enough to make you ignore the 134K headline jobs number” and “you would be mostly right in doing that,” he wrote on Twitter.

After revisions, job gains have averaged 190,000 a month over the past three months, a sign of continued strength in the labor market.

Trump tweeted about it:

Trump has every right to brag. He is doing fantastic work for the American economy.

 

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