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U.S. unemployment hits 49-year low

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. economy added 134,000 jobs in September, fewer than the 185,000 economists were expecting, but the unemployment rate ticked down to 3.7%, the lowest level since 1969. Wages rose 2.8% from a year earlier.

Between the lines: Job growth took a hit from Hurricane Florence, but as former chief economist in the Obama administration and senior fellow at Center on Budget and Policy Priorities Jared Bernstein tweeted, this is "another strong jobs report."

Details:

  • Job growth was strong in health care and construction sectors, while the retail sector shed jobs.
  • August was revised up to reflect the addition of 270,000 jobs, from the initial count of 201,000. There were also more jobs added in July than initially reported.
  • Every single industry saw a year-over-year increase in average hourly earnings.