Unemployment Drops to 5.9%, 248,000 Jobs Created in September

According the Labor Department, job growth bounced back in September with the U.S. economy creating 248,000 new positions.

The Bureau of Labor Statistics also reported that the unemployment rate fell to 5.9 percent as the labor force participation rate fell to 62.7 percent, its lowest level since February 1978.

Economists are seeing the two developments as a sign that the economy may finally be on a firm road to recover.

August’s tepid reading 142,000 reading was revised up to 180,000, while the July number came up from 212,000 to 243,000.

The bounce in employment provided good news for the workforce in terms of total jobs, but wages remained stagnant.

Category: Featured, General Update