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U.S. Unemployment Falls to Lowest Level Since 1969
The U.S. unemployment rate fell in September to 3.7%, its lowest level since 1969. The U.S. Bureau of Labor Statistics reported total nonfarm payroll employment increased by 134,000, with job gains occurring in professional and business services, health care, and transportation and warehousing.
The gains extend an 8½-year run of monthly job growth, which is the longest on record. During that period, the economy has added nearly 20 million workers to U.S. payrolls, offsetting the nearly nine million jobs lost in the Great Recession. It also reflects the strength of consumer and business spending.
In September, the number of unemployed persons decreased by 270,000 to six million. Over the year, the unemployment rate and the number of unemployed persons declined by 0.5 percentage points and 795,000, respectively.
The number of long-term unemployed, those out of work for 27 weeks or more, was little changed at 1.4 million over the month, a number that accounts for 22.9% of unemployed. Additionally, the labor force participation rate remained at 62.7%, and the employment-population ratio, at 60.4%, was little changed.
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- ◦Economy
