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US jobless rate hits 49-year low of 3.7%

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The US unemployment rate fell to 3.7% in September, the lowest rate since December 1969.

Figures from the Department of Labor also showed the US economy created 134,000 jobs during the month, fewer than were expected.

Significant jobs growth was seen in professional and business services, healthcare and construction.

Average hourly earnings rose at an annual rate of 2.8% in September, down from 2.9% in August.

Employment data for July and August were also revised to show an additional 87,000 jobs were created than first reported.

The escalating trade war between the US and China does not appear to have affected hiring.

The data showed manufacturing jobs continuing to multiply in September, with 18,000 added, reflecting a gain in durable goods industries. In 2018 so far, manufacturing has added 278,000 jobs

Washington last month slapped tariffs on $200 billion worth of Chinese goods, with Beijing retaliating with duties on $60 billion worth of U.S. products. The United States and China had already imposed tariffs on $50 billion worth of each other’s goods.

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