The Bureau of Labor Statistics (BLS) reported the unemployment rate fell to 3.7 percent in September, the lowest rate since it hit 3.5 percent in December of 1969. BLS reported some slowing of job growth for the month as the establishment survey showed a gain of 134,000 jobs. This figure may have been somewhat reduced by the hurricane hitting the Carolinas. The job growth numbers for July and August were revised up by 87,000, bringing the three-month average to 190,000.
Among the big gainers in this report were white women (20 years old and older), who had a 0.4 percentage point decline in their unemployment rate to 2.8 percent, the lowest on record. Black teens had a drop of 0.8 percentage points in their unemployment rate to 19.3 percent, also the lowest on record.
By education level, less-educated workers appear to have been the biggest gainers. The unemployment rate for workers with less than a high school degree or just a high school degree fell by 0.2 percentage points, while the unemployment rate for workers with some college fell by 0.3 percentage points. The unemployment rate for college grads fell by just 0.1 percentage points. College grads, unlike those with generally less education, are one of the few groups with an unemployment rate that is higher than its prerecession level.
Not all of the news in the household survey was positive. While the employment rate (EPOP) for prime-age women (ages 25 to 54) edged up slightly to 72.9 percent, tying its recovery high hit in July, the EPOP for prime-age men dropped 0.1 percentage points to 85.9 percent, 0.5 percentage points below the peak reached in February.
There was also a rise in involuntary part-time employment of 263,000, while voluntary part-time fell by 317,000. However, these numbers are erratic and the rise in involuntary part-time may be partly due to the hurricane.
Another disturbing item in the report was a drop of 1.8 percentage points in the share of unemployment due to voluntary job leavers. The 12.2…