The U.S. economy created 136,000 jobs in September and the unemployment rate fell to 3.5 percent.
Economists had expected the economy to between 120,000 and 179,000 with the consensus number at 145,000, according to Econoday. Unemployment was expected to remain unchanged at last month’s 3.7 percent.
The jobs data for the two previous months were also revised upward, indicating that the labor market was stronger over the summer than previously indicated. Employment for July was revised up by 7,000 from 159,000 to 166,000, and August was revised up by 38,000 from 130,000 to 168,000. With these revisions, employment gains in July and August combined were 45,000 more than previously reported.
The stronger numbers for July and August may also explain the slightly-below expectations figure for September since some of the growth in employment forecast for last month had already occurred.
The last time the rate was this low was in December 1969, when it also was 3.5 percent. – READ MORE