Posted March 15, 2018 06:09:08The jobless rate has fallen to 7.3 per cent, its lowest level since the start of the financial crisis, according to the latest jobless data released by the Bureau of Labor Statistics.
This marks a sharp drop from 7.5 per cent in March and a decrease from the previous high of 7.8 per cent seen in March 2008.
The jobs report was released Monday, just ahead of the Labor Day holiday.
The unemployment rate has been falling for six months in a row.
In September, the unemployment rate stood at 7.9 per cent.
The bureau’s weekly unemployment report is released Monday.
The news comes as the federal government tries to boost the economy by bringing back more than $1 trillion in debt to keep it afloat.
The job numbers have been the biggest indicator of economic activity since the election.
The numbers also are likely to weigh on the outlook for the federal election.
It’s been the largest year-over-year fall in jobs since 2007, when the unemployment hit 11.2 per cent and the economy was in its worst recession since the Great Depression.
Ahead of the jobless numbers, the Bank of Canada cut its benchmark rate by 0.5 percentage points to 0.75 per cent from 1.05 per cent on Tuesday.