US unemployment rate falls to its lowest level in six years in September 2014

The US unemployment rate fell from 6.1% in August 2014 to 5.9% in September 2014, official figures have shown.

The rate is the lowest recorded since July 2008.

US Labor Department also said that employers added 248,000 jobs last month, and the job growth figures for August and July were revised upwards.

The jobs figures are seen as a significant gauge of the health of the economy and there has been much debate over when US interest rates will rise.

The US Federal Reserve has kept interest rates close to zero since the financial crisis in 2008.

US markets cheered the news, with the Dow Jones Industrial Average rising over 100 points.

The US dollar was pushed higher as expectations rose that interest rates would go up sooner than previously predicted.

The US unemployment rate in September 2014 is the lowest recorded since July 2008 (photo AP)

“The most important item in this report is the drop in the unemployment rate below 6%. [Fed Chair Janet] Yellen has said there is only so much slack if the unemployment rate falls below 6%,” said Christopher Low, chief economist at FTN Financial in New York.

The Fed’s stimulus program, known as “quantitative easing”, is due to end this month. Its aim was to keep long-term interest rates low using the purchase of bonds, and thus to boost spending.

The Federal Reserve has indicated it will raise short term interest rates if the economy continues to grow. Janet Yellen has given no firm date for the rise, but the Fed has said the move will come a “considerable time” after the stimulus program ends.

The Labor Department said 69,000 more jobs were created in July and August than previously estimated. It also said nearly 100,000 jobseekers stopped looking for work in September.

The largest rise in employment was in professional and business services, including management and legal services, which saw an increase of 81,000 jobs in September.

The retail sector added 35,000 jobs compared with the previous month. Employment in the health care, construction and leisure and hospitality sectors also continued to increase.

eqXSdpq_ndw
Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Spain: At Least 158 Killed In The Country’s Worst Flooding Disaster

At least 158 people have died in Spain's worst flooding disaster in generations. On October…

2 days ago

Russia Fines Google $20,000,000,000,000,000,000,000,000,000,000,000, Surpassing Global GDP

Google has been fined two undecillion (a two followed by 36 zeroes) roubles by a…

2 days ago

Financing Your Home Remodel: 7 Tips for Success

Embarking on a home remodel is an exciting journey, promising enhanced comfort, increased property value,…

2 weeks ago

Donald Trump Serves Up McDonald’s Fries While Kamala Harris Celebrates 60th Birthday with Church Choir

The US presidential candidates continued to campaign across key swing states on October 20. Footage…

2 weeks ago

America PAC: Elon Musk Promises to Award $1M Each Day to Swing States Voters

Elon Musk has said he will give away $1 million a day to a registered…

2 weeks ago

Canada Expels 6 Indian Diplomats Amid Khalistan Row

India and Canada have decided to expel their top envoys along with other diplomats as…

3 weeks ago