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article imageU.S. economy adds 248,000 jobs in September, rate falls to 5.9%

By John Presta     Oct 3, 2014 in Politics
Washington - U.S Department of Labor's Bureau of Labor Statistics (BLS) reported total nonfarm payroll employment increased by 248,000 in September, with the unemployment rate declining to 5.9 percent, the first time in six years the rate dropped below 6 percent mark.
The expectations were that the total nonfarm number would come in at 215,000 and that the rate would remain above 6 percent. Employment increased across-the-board, with professional and business services leading the way in adding 81,000 jobs. Employment in retail trade sector rose by 35,000 in September and the health care sector added 23,000 jobs in September. construction employment continued on an upward trend (+16,000). Within the industry, employment in residential building increased by 6,000. Over the year, construction industry has added 230,000 jobs, reported BLS.
The economy has now added nearly 11 million private-sector jobs over 55 straight months of job growth, the longest sustained growth in American history. The jobs economy started its slow, upward climb with the March, 2010 jobs report and hasn't looked back since.
In August, the jobs report came in light, according to Business Insider, with nonfarm payrolls growing by just 142,000 against expectations for 230,000 that was expected by economists. August's number was revised up to 180,000 from 142,000.
The change in total nonfarm payroll employment for July was revised from +212,000 to +243,000, and the change for August was revised from +142,000 to +180,000. With these revisions, employment gains in July and August combined were 69,000 more than previously reported.
Following the jobs report, reported that U.S. stock futures are trading higher, with the Dow futures up 91 points, S&P 500 futures up 10 points, and Nasdaq futures up 20 points.
In a speech yesterday at Northwestern University in Evanston, Illinois, President Obama touted the monthly jobs growth and made clear he walked into a mess. "Here are the facts: when I took office, businesses were laying off 800,000 Americans a month."
Obama continued, "Today, our businesses are hiring 200,000 Americans a month. The unemployment rate has come down from a high of 10 percent in 2009, to 6.1 percent today. Over the past four and a half years, our businesses have created 10 million new jobs – the longest uninterrupted stretch of private sector job creation in our history."
Obama added, "Right now, there are more job openings than at any time since 2001. All told, the United States has put more people back to work than Europe, Japan, and every other advanced economy combined."
President Barack Obama was inaugurated on Jan. 20, 2009, and the Dow was at 7,949.09. The Dow bottomed on March 9, 2009, at 6,547.05, which was then at its lowest level since 1997.
Obama's steady hand brought back confidence, as the stock market climbed upward after March 9, 2009 and has not looked back. President Obama's stock market performance is third behind Franklin Delano Roosevelt and Bill Clinton, but surprisingly far ahead of the conservative hero and icon, Ronald Reagan, as Digital Journal reported last July.
Some have called the run-up in the various indexes of the stock market for the past five and a half years, the "Obama Stock Market Rally."
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