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Today the Labor Department announced that in September the unemployment rate in the USA fell again, to 5.9%. That is the lowest jobless rate in six years, so now unemployment is finally back to pre-recession levels. Payrolls added 248,000 jobs in September, trumping the higher-than-anticipated 180,000 that were added in August. The general prediction for unemployment for September was 6.1%, so the data released paints today a much more optimistic picture that expected.The employment figures show hiring growth in restaurants, factories, and grocery stores in particular. Many economists had predicted that the number of jobs added in September would be as low as 155,000, and the typical prediction was for 215,000. But all of those estimates were proven substantially below the actual pace of hiring, as the economy continues to show broad-based improvement that has repeatedly topped the predictions of leading economists in multiple surveys by companies like Bloomberg.
“Finishing the third quarter on such a high note definitely signals that 2014 is going to be remembered as a turnaround year for the economy and for small businesses, which are the biggest contributors to the U.S. economy,” says Meghan Robinson, CEO of Sunovis Financial. “The unemployment rate has finally fallen to pre-recession levels, and with lenders like the SBA making record numbers of small business loans I expect that the fourth quarter, including the critical holiday shopping season, with be very strong as well.”
Sustained and steady gains in hiring come at a time when the Commerce Department reports increased consumer spending and consumer confidence, coupled with a sharp rise in durable goods orders and manufacturing contracts. If the rate of employment continues to rise steadily, that puts pressure on wages, too, and increased wages add fuel to the upward momentum of the overall economy.
Another symptom of economic expansion is that the U.S. dollar has been the best-performing major currency in the world for the year. That is thanks to the fact that the American economy grew this year at a pace 4.6% while the Japanese economy grew about half that much at 2.5% and across Europe the economy was essentially flat.
Contact Info:
Name: David Cohen
Email: Send Email
Organization: Sunovis Financial
Address: Overland Park
Phone: 855 243-7191
Website: http://www.sunovisfinancial.com
Release ID: 66925
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