US Economy 2019: September Jobs Report Shows Mixed Signals, Yet Unemployment Falls To Lowest Rate Since 1969

The September jobs report released by the Bureau of Labor Statistics (BLS) on Friday showed that U.S. unemployment fell to its lowest rate since 1969, at 3.5%, but also revealed that parts of the economy are slowing down their hiring.

Private employers added 136,000 jobs in September, with healthcare and business services showing relatively strong growth. The healthcare sector added 39,000 jobs while employment in business and professional services went up by 34,000.

Healthcare includes jobs such as nurse and home health aides, with demand continuing to increase as the baby boomers grow older. Business and professional services include jobs such as security guards and janitors.

Retail trade employment, however, shed 11,000 jobs last month, which could partially be due to the competition from online shopping sites such as Amazon. Manufacturing shed 2,000 jobs, as the trade war with China continues.

Overall, job creation has been slower this year, with an average of 161,000 jobs added per month. In 2018, that figure was 223,000 per month.

President Trump has frequently blamed Federal Reserve Chairman Jerome Powell for any worrying signs in the economy. Earlier this week, the ISM manufacturing index was at its lowest in a decade, with Trump calling the Federal Reserve "pathetic" in response.

The trade war has been blamed for hurting U.S. manufacturing and production. The hardwood lumber industry, for example, relies heavily on China for exports and is down by $615 million this year over 2018.

Trump has frequently touted the tariffs a way to hurt China, which he believes floods the global market with cheap exports at the expense of U.S. manufacturing. Some retailers, such as Walmart, have warned that they would have to raise prices at their stores due to the tariffs.