United States unemployment rate falls but earnings inequality widens

About 1,000 of the new jobs are full time with 2,300 part time

Economy adds 134K jobs in September.

The unemployment rate fell two-tenths of a percent to 3.7 percent, the lowest number since December 1969, the Department of Labor said Friday. Numerous newly created jobs have been taken by independent contractors or on short-term assignments ("gig economy.") Such forms of employment are not secure, and recent analysis by Harvard University's Lawrence Katz and Alan Krueger of Princeton University, reported by Bloomberg, indicates that the USA labor market is becoming more precarious.

Despite the added jobs, the unemployment rate was up 0.2 percentage points to 5.5 per cent, with 1,300 more working-age people unemployed than previous year in September.

The average hourly wage in the U.S. last month increased by 0.3% compared to August and by 2.8% in annual terms, both indicators have coincided with market expectations.

"Another solid jobs report; not too hot and not too cold", Kate Warne, investment strategist at Edward Jones told FOX Business.

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The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 1.4 million over the month; these individuals accounted for 22.9 percent of the unemployed.

Friday's job report confirmed a strengthening job market.

The unemployment rates for adult women (3.3 percent) and Whites (3.3 percent) declined in September.

A month ahead of hard-fought congressional elections, the result was sure to delight US President Donald Trump, who has eagerly taken credit for America's extended run of economic expansion even as his Republican party faces a possible rebuke from disenchanted voters. The jobless rate's decline to a 48-year low will put that view to the test.

However, the report also showed a significant upward revision to the pace of job growth in August, with employment spiking by 270,000 jobs compared to the originally reported jump of 201,000 jobs. Bond prices fall when yields rise. Teen unemployment fell by 0.3 percent to 12.8 percent. But wage increases so far have been modest, something that puzzles economists but allows the Fed to move gradually. The participation rate has been essentially flat in recent years.

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