September’s hiring rate was the longest uninterrupted stretch of private sector job growth in the U.S., creating the lowest jobless rate in six years.
The Labor Department reported that employers hired 248,000 to make the jobless rate fall to 5.9 percent. Obama applauded this news stating, “We’re on pace for the strongest job growth since the 1990s.”
The report exceeded expectations showing employers added 69,000 more jobs in July and August than previously estimated by the government.
However, wages still remained stagnant and growth in the manufacturing industry remained flat as well.
While the manufacturing sector is nowhere near where it was at its peak in 1979, the U.S. economy has created more than 700,000 manufacturing jobs since its low of 11.45 million in February 2010. Between 2000 and the beginning of 2009, the sector lost nearly 5 million jobs. But things have turned around, especially in the South where manufacturing remains its biggest economic boost.
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