248,000 New Jobs Drop Jobless Rate to 5.9% in September

The economy added 248,000 new jobs in September, a big increase over the 180,000 jobs added in August. The unemployment rate fell to 5.9% compared to 6.1% in August, according to figures released this morning by the U.S. Bureau of Labor Statistics.

Over the past year, the unemployment rate has dropped by 1.3 percentage points and the number of jobless workers has decreased by 1.9 million.

The number of long-term unemployed (those jobless for 27 weeks or more) was 3 million, unchanged from August. Over the past 12 months, the number of long-term jobless workers has decreased by 1.2 million.

AFL-CIO Policy Director and Special Counsel Damon Silvers said while the drop in the jobless rate is encouraging, wages continue to stagnate.

For the economy to work for everyone, we need to see low unemployment rates coupled with wages that are rising, like we saw in the late 1990s, when real wages rose and the jobless rate dropped as low as 4%.

While long-term joblessness has dropped some, it remains a major problem. House Republicans have, since the end of last year, refused to allow a vote on the extension of the Emergency Unemployment Compensation benefits program that was approved by a bipartisan Senate majority. Now, Congress is out of session until after the election, and even then House Republicans are likely to turn their backs on long-term jobless workers again.

Last month’s biggest job gains were in professional and business services (81,000), retail trade (35,000) and health care (23,000).

Other sectors that showed increases include leisure and hospitality (21,000), construction (16,000), information (12,000), financial (12,000) and mining (9,000).

Employment in other major industries, including manufacturing, wholesale trade, transportation and warehousing and government, showed little change in September.

Among the major worker groups, the unemployment rates in September declined for adult men (5.3%), whites (5.1%) and Latinos (6.9%). The rates for adult women (5.7%), teenagers (20%) and blacks (11%) showed little change.

Reposted from AFL-CIO NOW

Tags: , , , , , , ,