Unemployment Drops to 3.7 Percent–Lowest Since 1969
The unemployment rate has dropped to 3.7 percent, reaching the lowest level since December 1969, as the economy steams ahead.
Government data for September also shows Hispanic unemployment dropped to 4.5 percent, matching the record low of July. Black unemployment dropped to 6 percent, nearly matching the historic low of 5.9 percent recorded in May.
Asian unemployment increased to 3.5 percent while white unemployment dropped to 3.3 percent, the lowest since December 1969.
Chairman of the Federal Reserve Jerome Powell said on Tuesday that the economy’s outlook was “remarkably positive” and he believed it was on the cusp of a “historically rare” era of ultra-low unemployment and tame inflation. The central bank raised rates last week for the third time this year.