ecologist88
03.10.14, 18:07
Unemployment falls below 6% for first time since 2008 as U.S. adds 248,000 jobs
Jobless rate falls to 5.9% from 6.1% amid broad gains in hiring
WASHINGTON (MarketWatch) — Jobs growth accelerated in September and hiring during the summer was stronger than initially reported, reflecting a U.S. economy that entered the fall with a good dose of momentum.
The U.S. added 248,000 jobs outside the farm sector, the Labor Department reported Friday. That topped the MarketWatch-compiled economist forecast of 220,000.
Unemployment also fell to 5.9% from 6.1% — the last time the rate was below 6% was in July 2008 — mainly because more people found work. Yet more Americans also stopped looking for jobs, reducing the percentage of people in the labor force to a 36-year low.
In morning trade, U.S. stocks SPX, +0.88% jumped out to strong early gains The 10-year yield 10_YEAR, +1.15% also increased, reflecting more optimism about the economy.Read Market Snapshot for more.
Robust employment gains last month largely dispelled worries about a potential U.S. slowdown after a preliminary report in August showed the economy gained a disappointing 142,000 jobs. What’s more, newly revised figures reveal that hiring was stronger in August and July than previously reported.
The government said the 180,000 new jobs were created in August, up from a preliminary 142,000. July’s gain was revised to 243,000 from 212,000.
So far in 2014 the economy has gained an average of 227,000 jobs a month, up 17% from the 2013 pace of 194,000. The nation is on track to add the most jobs in nine years.
In September, the professional ranks swelled by 81,000 to lead the way. One-fourth were temporary jobs, however.
Retailers also added 35,000 positions, though as many as half of them were workers returning to their jobs at a New England grocery chain after an ownership feud kept them off duty in August.
Health-care providers hired an additional 23,000 workers, bars and restaurants boosted staff by 20,000 and construction companies took on 16,000 new workers.
The only weak spot: manufacturing jobs rose by just 4,000.