U.S. Employment Rises by 134,000 Jobs in September

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The U.S. economy added a lower-than-expected 134,000 jobs last month in the wake of Hurricane Florence that caused job losses in bars and restaurants, according to a report released by the Labor Department on Friday morning.

Analysts surveyed by Bloomberg were expecting 185,000 jobs to be created in September. The department suggested that the job report would have been robust if Hurricane Florence had not occurred.

The low unemployment figures add to evidence of a healthy economy and a tight job market that is compelling American companies to pay their employees more. Meanwhile, the unemployment rate dropped from 3.9 percent to 3.7 percent, the lowest level since December 1969.

Wage growth was also quite impressive than expected, with average hourly earnings increasing 0.4% from August. Wages increased 2.9% year-over-year, the fastest growth since June 2009.

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