US Unemployment Rate Falls to Lowest Level Since 2008
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iStock/Thinkstock(WASHINGTON) — The latest employment figures far exceeded last month’s expectations, pushing the unemployment rate to its lowest level since July 2008. U.S. employers added 248,000 jobs in September, the Bureau of Labor Statistics reported Friday morning.
The unemployment rate declined 0.2 percent to 5.9 percent, with the number of unemployed Americans decreasing by 329,000 to 9.3 million. Employment growth in professional and business services, retail trade and health care led the increases last month.
The number of long-term unemployed — that is, people without work for 27 weeks or more — was largely unchanged, at three million in September. This group accounted for 31.9 percent of those unemployed.
“At this pace of job growth, the unemployed and underemployed are quickly being fully employed,” economist Mark Zandi told ABC News. “Also encouraging is the breadth of the job gains across industries and across all pay scales. The increase in hours worked per week is a positive leading indicator for continued strong gains.”
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