CNBC reports that today’s Employment Situation Report from the Labor Department reports that unemployment has fallen to the lowest level since 1969. They write:
- The unemployment rate fell two-tenths of a percentage point to 3.7 percent, the lowest level since December 1969 and one-tenth of a percentage point below expectations.
- The closely watched average hourly earnings component showed a 2.8 percent year-over-year increase, in line with Wall Street estimates.
- August’s initial jobs count was revised up dramatically, from 201,000 to 270,000, while July’s numbers came up as well, from 147,000 to 165,000.
- Unemployment among black Americans declined three-tenths of a point to 6 percent
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