The unemployment rate is the lowest it has been in 50 years since 1969 and salaries are going up. The Dow is rising on the news.
Also, the jobless rate for Hispanics also hit a new record low, while the level for African Americans maintained its lowest ever.
CNBC reported:
Unemployment hit a fresh 50-year low in September even though nonfarm payrolls rose by just 136,000 as the economy nears full employment, the Labor Department reported Friday.
The jobless rate dropped 0.2 percentage points to 3.5%, matching a level it last saw in December 1969. A more encompassing measure that includes discouraged workers and the underemployed also fell, declining 0.3 percent points to 6.9%, matching its lowest in nearly 19 years and just off the all-time low of 6.8%.
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A rally in technology stocks led by Apple Inc (AAPL.O) also helped lift Wall Street’s main indexes at the end of a volatile week. After losing about 3% on Tuesday and Wednesday, the S&P 500.SPX and Dow. DJI were on course for their best day in a month on Friday, Reuters reports.
Manufacturing payrolls declined for the first time in six months. The left will undoubtedly take this news and say we’re heading for a recession.
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