Jobless Rate Hits 48-Year Low

Photo

U.S. hiring cooled in September by more than forecast, wage gains eased slightly and the jobless rate fell to a 48-year low, illustrating a tight labor market as well as the impact of Hurricane Florence.

Nonfarm payrolls rose 134,000 after a 270,000 gain the prior month that reflected a large upward revision, a Labor Department report showed Friday.

The median estimate in a Bloomberg survey called for an increase of 185,000 jobs. Average hourly earnings climbed 2.8 percent from a year earlier, matching projections, while the jobless rate fell more than projected to 3.7 percent, the lowest since 1969.

While Florence probably affected the figures during the …

Read More On Newsmax