US unemployment rate drops to 5.9 %
5 Oct 2014 5:17 AM IST
The unemployment rate in the US has dropped to 5.9 per cent, the lowest since July 2008, with as many as 248,000 new jobs added in the last month, latest official statistics said on Friday.
According to Bureau of Labor Statistics, the unemployment rate declined by 0.2 percentage point to 5.9 per cent in September. The number of unemployed persons decreased by 329,000 to 9.3 million.
'With the report, America's businesses extended the longest streak of private-sector job gains on record,' said Jason Furman, Chairman of the Council of Economic Advisors.
Over the year, the unemployment rate and the number of unemployed persons were down by 1.3 percentage points and 1.9 million respectively, it said.
'The data underscore that six years after the Great Recession, thanks to the hard work of the American people and in part to the policies the President has pursued, our economy has bounced back more strongly than most others around the world,' Furman said.
'But even as we take stock of the progress that has been made, too many Americans do not yet feel enough of the benefits. On Thursdsay, the President set out his vision for steps that can lay a new foundation for stronger growth, rising wages, and expanded economic opportunity,' he said.
The Senate Majority Leader, Harry Reid, said the report shows that the US's economy continues to improve.
'But Congress can still do more to help struggling American families and those Americans out of work through no fault of their own,' he said.
According to the latest monthly report, the private sector has added 10.3 million jobs over 55 straight months of job growth, extending the longest streak on record.
According to Bureau of Labor Statistics, the unemployment rate declined by 0.2 percentage point to 5.9 per cent in September. The number of unemployed persons decreased by 329,000 to 9.3 million.
'With the report, America's businesses extended the longest streak of private-sector job gains on record,' said Jason Furman, Chairman of the Council of Economic Advisors.
Over the year, the unemployment rate and the number of unemployed persons were down by 1.3 percentage points and 1.9 million respectively, it said.
'The data underscore that six years after the Great Recession, thanks to the hard work of the American people and in part to the policies the President has pursued, our economy has bounced back more strongly than most others around the world,' Furman said.
'But even as we take stock of the progress that has been made, too many Americans do not yet feel enough of the benefits. On Thursdsay, the President set out his vision for steps that can lay a new foundation for stronger growth, rising wages, and expanded economic opportunity,' he said.
The Senate Majority Leader, Harry Reid, said the report shows that the US's economy continues to improve.
'But Congress can still do more to help struggling American families and those Americans out of work through no fault of their own,' he said.
According to the latest monthly report, the private sector has added 10.3 million jobs over 55 straight months of job growth, extending the longest streak on record.
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