The economy added 136,000 new jobs in September, according to Bureau of Labor Statistics. And the U.S. unemployment rate dropped to 3.5%, the lowest rate since December 1969. MarketWatch reports:

The resilience seen in the September job report will raise hopes that the economy can avoid a recession. Although manufacturing activity and business investment have been weak, consumer spending has held up well.

Many economists say the employment report is a lagging indicator and they will be watching for readings over the next few months before giving an “all-clear” sign for the economy.

The Federal Reserve has been cutting interest rates this year as insurance against a slowdown in economic growth, but the job report does not add to expectations of another cut in October.