Looking for talent? You’re far from alone! According to the Board of Labor and Statistics, 1969 was the last time the unemployment rate has been this low.
How low, exactly? Just 3.5% in September. 136,000 new positions were added in September, despite significant signs of an impending economic slowdown.
Reports reveal that low unemployment and new jobs haven’t led to higher wages as some expected. Wage growth has actually slowed (from 2.9% from 3.2% last month) according to US Dept of Labor data.
The industries where much of the hiring occurred include healthcare (41,400 jobs), professional services (34,000 jobs) and government at the state and local level (22,000 jobs).
Manufacturing jobs declined by 2,000 last month and retail jobs decreased by 11,400 jobs due to store closings nationwide.