The unemployment rates in America have hit a historical low of 3.
5%, which is the lowest in the past 50 years. This is the result of 136,000 jobs added in September.
Well, the Latino unemployment rate depicted a 0.2 percent drop, which certainly was enough to make it the lowest this country, has experienced in the past 50 years.
And there is no way that the much criticized president of the United States- President Donald Trump could let go off the opportunity to gloat his success.
Like every time in the past, Trump took on Twitter to pull a jive against the Democrats, who always seem overwhelmed with an emotion to impeach the president, despite the economic growth of the nation.
After the Labor Department released the rosy employment report on Friday, the President of US tweeted, ”Breaking News: Unemployment Rate, at 3.5%, drops to a 50 YEAR LOW,”
The sarcasm entered when he said “wow America, lets impeach your President (even though he did nothing wrong!).”
The new 136,000 jobs were added in September in the nation’s economy, reviving it. the addition lowered the unemployment rate to 3.5%.
The unemployment rates have been lowered overtime with the introduction of new jobs.
However, the hiring process has slowed down as the trade between the two economic super-powers- US and China intensified. Not only the hiring, investments as well as global economic growth have also taken a huge hit due to this.
Also, even though the number of jobs has increased, the hourly wages have reduced to penny according to the Labor Department. They only rose by 2.9% earlier this year, which is less than 3.4% rise in the past years.
Consequently, the employers are struggling to find the competent workforce. Lowered hourly wages is also the reason why hiring has slowed even if the number of vacancies has increased.
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