US registered its lowest unemployment rate since 1969

- Oct/2018

The US unemployment rate dropped to 3.7% in September 2018, according to data recently released by the US Department of Labor. This is its lowest figure since 1969. In contrast, in 2009, during the last great recession in the US, the unemployment rate was as high as 10%.

It is estimated that in September 2018, 134,000 new jobs were created in the United States, well below the 270,000 jobs created in August. This decline, however, has been attributed to the economic impact of Hurricane Florence, which struck several states last month.

Over the first nine months of 2018, US employers created an average of 211,000 jobs per month, surpassing the monthly average of 2017, which was 182,000.

Many economists believe that wage growth will also accelerate in the coming months. With such a low unemployment rate, companies are facing intense pressure to raise their employees’ salaries. The average hourly wage in the US, which currently stands at $27.24, has already risen about 2.8% compared to the average wage in 2017.

This data shows that the US labor market continues to record steady growth and to expand at the fastest pace in more than a decade. With an economy growing at an annual rate of 4.2%, the United States is truly “open for business,” now more than ever.

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HAYMAN-WOODWARD PLLC is a Washington (D.C) based law firm, specializing in immigration and federal tax laws. All legal services are provided by duly-licensed attorneys in each jurisdiction.

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