The latest numbers from the Labor Department show that the unemployment rate in the United States is the lowest it’s been in 50 years. The rate is now at 3.5%.
Around 136,000 jobs were added in September 2019. This helped the rate drop to its lowest since December 1969 after being stuck at 3.7% in the past few months. The two sectors that added the most jobs last month were business and healthcare.
Despite the boost, the overall hiring pace has slowed since 2018. Monthly job gains have averaged 157,000 over the past three months. Last year, during the same period, it was 189,000 average.
Wage growth has also seen less growth than expected after only growing 2.9% this year compared to 3.2% last year.