Unemployment Rate Hits 50 Year Low

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Posted by Alex Hendrie on Friday, October 4th, 2019, 10:12 AM PERMALINK

The unemployment rate dropped to 3.5 percent and 135,000 jobs were created in September according to the September jobs report released by the Bureau of Labor Statistics. 

This is the lowest unemployment rate since December 1969 – a near 50 year low.

This report shows that the Trump economy remains strong for American workers. In fact, since President Trump took office, over 6.4 million jobs have been created.

The number of jobs created in August was revised up 38,000 from last month’s figure of 130,000 to 168,000. Similarly, the July jobs report was revised up by 7,000 from 159,000 to 166,000.

Moreover, the unemployment rate for Hispanics (3.9 percent), African Americans (5.5 percent), Asian Americans (2.5 percent), and adult women (3.1 percent) is at historic lows.

Wage growth over the past year is at 2.9 percent – a slight decline from previous growth. While this decline is disappointing, wage growth over President Trump’s first term has been strong.

According to a recent Wall Street Journal op-ed, real median household income has grown by $4,144 or 6.8 percent since President Trump took office.

As noted in the op-ed, authored by Stephen Moore, real median household income is at an all-time high:

“Real median household income—the amount earned by those in the very middle—hit $65,084 (in 2019 dollars) for the 12 months ending in July. That’s the highest level ever and a gain of $4,144, or 6.8%, since Mr. Trump took office. By comparison, during 7½ years under President Obama—starting from the end of the recession in June 2009 through January 2017—the median household income rose by only about $1,000.”

Photo Credit: Flickr

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