US unemployment rate hits 49 year low!

The WSJ reports:

in September hit the lowest level since the Vietnam War, with little indication it is going to shoot back up in the near term.

The jobless rate fell to 3.7%, the lowest since December 1969, the Labor Department said Friday. Employers added 134,000 jobs to payrolls, a record 96th straight month of gains. Wages rose 2.8% from a year earlier, a solid if still unspectacular rise.

“This is the best job market in a generation or more,” said Andrew Chamberlain, chief economist at recruiting site Glassdoor.

Unemployment rates below 4% are extremely rare in 70 years of modern record-keeping. The two longest sustained periods came during the Korean and Vietnam Wars, when the combination of strong growth and the enlistment of young men from the civilian labor force helped to largely wring unemployment out of the economy.

So the lowest rate in 49 years and if you exclude periods of major wars, the lowest rate in modern history.

The black unemployment rate is also a historically low 6.0%.

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