U.S. unemployment drops to the lowest level since 1969

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The unemployment rate declined by 0.2 percentage point to 3.7 per cent, the lowest rate since 1969. The unemployment rate for college grads fell by just 0.1 percentage points.

Not all of the news in the household survey was positive.

Extending losses for second straight session, the US markets ended lower on Friday on worries about runaway inflation spurred by the sudden jump in US Treasury bond yields.

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But the banner result from August's jobs numbers was surely the record low jobless rate, which was driven lower by job gains among adult women. The duration measures of unemployment also all showed increases in the month, with average duration increasing by 1.4 weeks to 24.0 weeks, the longest period since March. With the bigger than expected decrease, the unemployment rate fell to its lowest level since hitting 3.5% in December of 1969. But one issue that also may have worked against the number was that the two prior months' reports were revised higher by a combined total of 87,000 jobs.

About 3,300 more people were employed in Saskatchewan in September 2018 compared to past year at the same time.

The comparable statistics for Canada have been: +1.2% for total; +1.2% for services; -1.4% for manufacturing; and +2.4% for construction. Health care added 25,700 jobs for the month, nearly exactly in line with its average for the previous year.

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On the service side, retail lost 20,000 jobs in September, while restaurants lost 18,200. State education added 21,200, an extraordinary gain, since employment had been virtually flat over the prior year, although this may be partly a problem in seasonal adjustment. The construction industry made 23,000 new hires.

According to CNBC, the nation's job market roared to life last month as the unemployment rate for American workers plummeted to levels not seen in roughly 50 years.

Average hourly earnings showed a 2.8 percent increase since September 2017, meeting Wall Street expectations.

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Industries that saw increases over a year ago include education (4,900), food services (2,800) and agriculture (2,500). Often when wages increase, employers may begin to use more automation or equipment to reduce human labor requirements. The lack of acceleration in wage growth suggests that the labor market can continue to tighten further.

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