The US economy continued its labor market expansion in September, adding 248,000 new jobs. The economy has added 1.1 million new jobs since passing the pre-crisis employment peak of 138.4 million jobs.
The unemployment rate fell to 5.9%, the first time it’s been below 6% since July 2008.
The labor force shrank by 97,000 in September, helping to push the unemployment lower.
And the US participation rate hit a 37-year low of 62.7%, last seen in February 1978.
For the first time since the crisis, the male unemployment rate of 5.9% was below the female rate of 6.0% in September. That’s an interesting shift, given that the construction-centered economic bust pushed rates of unemployment for men far above women during the worst of the recession.
More to come…
All the key charts from today’s robust US jobs report
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