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US jobless rate hits 5-decade trough; hiring rate slows down

US jobless rate hits 5-decade trough; hiring rate slows down

Mubasher: US employers scaled back their hiring in September, adding a total of 136,000 more jobs to the world’s biggest economy.

August’s total job gains were upwardly revised to 168,000, from the preliminary estimate of 130,000, the US Bureau of Labor Statistics (BLS) said on Friday.

This marked the slowest employment pace since four months, as businesses became more cautious about hiring new staff, according to MarketWatch.

The unemployment rate fell by 0.2% to %3.5 last September, the lowest rate seen since December 1969.

The number of unemployed individuals fell by 275,000 to 5.8 million last month.

With manufacturing downturn, job gains were more centred on the services sector.

This was reflected in the newly added jobs in health care and professional, business services businesses, with gains of 39,000 and 35,000, respectively.

Moreover, government hiring continued its upward trend, with 22,000 newly added jobs.

The average wage paid to US workers was little changed at $28.09, after rising by $0.11 in the preceding month.

Meanwhile, the year-on-year rate of hourly wage growth came in at 2.9%, dropping from 3.2%.

The average workweek for all employees on private nonfarm payrolls stabilised at 34.4 hours during last month.

By 12:44 pm GMT, the US dollar index inched up by 0.06% to 98.9200.