Unemployment Drops to 3.7 Percent-Lowest Since 1969

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				AP

The unemployment rate fell from 3.9 percent to 3.7 percent, lowest since December 1969, the Labor Department said Friday.

The smaller survey of households from which the jobless rate is derived showed 299,000 people reported staying at home last month because of bad weather, compared to an average of 85,000 for a normal September.

The Labor Department says employers added just 134,000 jobs, the fewest in a year, though that figure was likely lowered by Hurricane Florence.

BLS revisions added 87,000 more jobs for July and August. On average, businesses added almost 200,000 jobs per month this year - well above the number needed to keep up with a growing population. The Labor Department said claims for North and SC continued to be affected by the storm.

"Given the fact that the job market has been so strong for so long, there is an expectation that labour will begin to take more of the capital from corporate profits going forward", said Michael Arone, the chief investment strategist for the US SPDR business at State Street Global Advisors.

Economists have forecast that the government will report that employers added a solid 184,000 jobs, according to the data provider FactSet, and that unemployment dipped from 3.9 percent to 3.8 percent, matching an 18-year low.

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Fed Chairman Jerome Powell said on Tuesday that the economy's outlook was "remarkably positive" and he believed it was on the cusp of a "historically rare" era of ultra-low unemployment and tame inflation.

The report, which was released on Friday, said that the American economy was humming with the GDP on pace for its best year since the housing the mid-2000s, reports The New York Times. The storm struck North and SC in the middle of September and closed thousands of businesses.

"No one at the Fed thinks unemployment near 3 percent is sustainable", Mr Shepherdson said. And women were much less likely to work. Job growth is set to slow next year as an inability to find workers weighs on hiring. The strength of that gain, if it can be sustained, would suggest that the low unemployment rate is pressuring more companies to raise pay in order to attract and keep workers. While that's still lower than what economists would expect with a rock-bottom unemployment rate, it's an improvement from the 2.0 percent growth seen at the start of this year.

Average hourly earnings rose 0.3% from the prior month, matching estimates, following a downwardly revised 0.3% gain, the report showed.

Wages have grown 2.8 percent over the a year ago, down from last month's estimate of 2.9 percent. Due to the tight labor supply right now, Amazon's retail competitors-notably Walmart and Target, as well as department stores and delivery services-will face the pressure to match Amazon's pay level or provide other forms of incentives.

Amazon's announcement this week that it would increase its minimum hourly wage to $15 for all its US employees elevated the pressure on other employers to lift their wages as well.

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