US jobless rate falls to 6-year low of 5.9 pct.
WASHINGTON (AP) — U.S. employers added 248,000 jobs in September, a burst of hiring that helped drive down the unemployment rate to 5.9 percent, the lowest since July 2008.
The Labor Department report Friday also showed that employers added a combined 69,000 more jobs in July and August than the government had previously estimated.
The unemployment rate fell from 6.1 percent in August and is now close to 5.5 percent, which many economists consider a healthy level. The lower rate, combined with the surge in hiring, could ratchet up pressure on the Federal Reserve to raise its benchmark interest rate earlier than expected. Most economists have predicted that the Fed would start raising rates in mid-2015.
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Posted on Fri, October 3, 2014
by Associated Press