On October 4, 2019, the Bureau of Labor Statistics reported the Employment situation for the month of September. The increase in private, non-farm employment was 136,000 in line with most analyst expectations. The July and August figures were revised upwards by 45,000 so the three-month increase exceeded 180,000. Total employment at the end of September was 158.3 million, up some 2.2 million from the year-earlier figure.
The unemployment rate fell to 3.5%, the lowest since 1969. The U-6 unemployment rate, which reflects workers looking for new jobs and part-time workers came down to 6.9%, the lowest level since 2000. Manufacturing remains a soft spot in the economy as jobs in that sector fell by more than 2,000 during the month of September. The jobs report does not appear to be so positive that the Federal Reserve will pull back its current policy of lowering rates, and many analysts expect one more rate cut during the 2019 year.