The financial system added 136,000 new jobs in September, based on Bureau of Labor Statistics. And the U.S. unemployment fee dropped to three.5%, the bottom fee since December 1969. MarketWatch studies:
The resilience seen within the September job report will increase hopes that the financial system can keep away from a recession. Though manufacturing exercise and enterprise funding have been weak, client spending has held up properly.
Many economists say the employment report is a lagging indicator and they are going to be awaiting readings over the subsequent few months earlier than giving an “all-clear” signal for the financial system.
The Federal Reserve has been slicing rates of interest this yr as insurance coverage in opposition to a slowdown in financial progress, however the job report doesn’t add to expectations of one other reduce in October.
