US unemployment rate falls to 49-year low of 3.7 per cent

Workers at a construction site in Revere

Economists have forecast that growth reached a 3 percent to 3.5 percent annual rate in the July-September quarter. These are the pocketbook issues that actually make a difference in the lives of voters.

S&P Global economist Satyam Panday noted that the three-month average for job gains was 190,000, slightly below the rate of 201,000 over the a year ago.

The retail sector shed 20,000 jobs, largely from garden and building material supply stores, after having showed relatively strong growth in the first half of the year.

The Black unemployment rate under Trump has been largely a source of concern, with many African Americans anxious about increases or stagnant immobilization when it comes to joblessness. The slow pace of wage growth has been a persistent source of disappointment in the recovery, and economists have long looked for evidence that the tight labor market is at last forcing companies to hand out raises.

The last time the general unemployment rate was this low, millions of men had been drafted for the Vietnam War, and, therefore, taken out of the labor force.

A recent report from the Organisation for Economic Cooperation and Development said that compared to other countries "a large share of the population remains at the fringes of the labour market".

"No-one at the Fed thinks unemployment near three percent is sustainable", Ian Shepherdson of Pantheon Macroeconomics said in a client note. Many economists see today's low rate as a continuation of the trend that began under President Barack Obama, although they think the Republican tax cuts played a role in keeping job gains strong this late in an economic expansion.

This week, Amazon announced that it will raise the minimum wage for all USA workers to $15 per hour, starting in November.

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However, the report also stated that 134,000 jobs were created in the month of September.

The average workweek for all private employees was unchanged at 34.5 hours.

Consumers, business executives and most economists remain optimistic.

While better prospects for employment are helping to draw in people from the sidelines of the job market, boosting the participation rate, economists anticipate that retiring workers will put downward pressure on participation over coming years. Overall government payrolls increased by 13 000.

The escalating trade war between the U.S. and China does not appear to have affected hiring in factories.

Manufacturers expanded their payrolls by 18,000.

Washington last month slapped tariffs on $200 billion worth of Chinese goods, with Beijing retaliating with duties on $60 billion worth of USA products. The trilateral trade agreement between the United States, Canada and Mexico was salvaged in an 11th-hour deal on Sunday.

Despite the Trump administration's protectionist trade policy, the trade deficit continues to deteriorate. Orders increased 8.6 percent on a year-on-year basis in August. The unemployment rate for those who have a high school diploma and no college attendance was 3.7 percent, which is the lowest since April 2001. "Wage growth, which picked up in the prior month, came in line with expectations with hourly earnings rising 0.3% on the month for an annual rate of 2.8%".

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