IE Business Daily Business news for the Inland Empire.
The U.S. economy posted solid job gains in September.
U.S. employers added 248,000 jobs last month, the 48th consecutive month of positive job growth, according to data released Friday by the U.S. Bureau of Labor Statistics.
That reportedly ties the longest period of job growth since the bureau, which is part of the U.S. Department of Labor, began tracking job numbers in 1939. The only other uninterrupted four-year run happened from 1986 through 1990, during the Reagan and first Bush administrations.
The national unemployment rate fell to 5.9 percent, down from 6.1 percent in August. That marked the first time unemployment was below six percent since July 2008, immediately before the recession started to be felt.
Professional and business services added 81,000 jobs last month, well over the average monthly gain of 56,000 jobs recorded during the previous year. Retail added 35,000 jobs, the food and beverage sector added 20,000 jobs and 23,000 people were hired in the health care industry.
On the negative side, wages remained stagnant – down one cent to $24.53 an hour – and an estimated 97,000 people who are out of work dropped out of the labor market, meaning they are no longer looking for work, according to the data.
