(5 Oct 2018) Larry Kudlow, the White House Chief economic adviser says the new jobless rate is an indicator that "the economy is really running at good steam."
"We're humming. I mean we're just humming," Kudlow told reporters Friday at the White House.
"This story will continue. This growth story. This economic boom story. This business investment productivity, real wage story. It's going to go on for quite some time," he said.
The U.S. unemployment rate fell to 3.7 percent in September — the lowest level since December 1969 — signaling how the longest streak of hiring on record has put millions of Americans back to work.
Employers added just 134,000 jobs last month, the fewest in a year, the Labor Department said Friday. But that figure was likely depressed by the impact of Hurricane Florence.
That storm struck North and South Carolina in mid-September and closed thousands of businesses. A category that includes restaurants, hotels and casinos lost jobs for the first time since last September, when Hurricane Harvey exerted a similar effect.
In recent months, though, healthy consumer and business spending has been fueling brisk economic growth and emboldening employers to continue hiring.
Americans are confident about the economic outlook, buoyed by the job gains and signs of higher pay.
The September gain extended an 8½-year streak of monthly job growth.
What's more, the government on Friday revised sharply up its estimate of hiring for July and August by 87,000 jobs.
So far this year, monthly job growth has averaged 208,000, up from a pace of 182,000 for all of last year.
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