The US unemployment rate has fallen to 3.7 per cent in September, its lowest level since 1969, according to the latest data from The Bureau of Labor Statistics (BLS).
“The economy is on course for 3 per cent growth, the jobs market is red hot and inflation pressures are on the rise,” said James Knightley at ING, adding: “So while the Federal Reserve no longer describes monetary policy as being ‘accommodative’, it is certainly some way off from being ‘restrictive’. As such, we look for a December [quarter-point] interest rate rise with three more hikes likely next year.”
Significant jobs growth was seen in professional and business services, healthcare and construction. Average hourly earnings rose at an annual rate of 2.8 Pper cent in September.
Employment data for July and August were also revised to show an additional 87,000 jobs were created than first reported.