Unemployment Rate Dips to Six-Year Low
Rosy jobs numbers released today should ease some of the Obama administration's pain after its midterm elections drubbing: an estimated 214K jobs were added last month. That growth, coupled with an upward revision in August and September's job acceleration, pushed the unemployment rate down to 5.8%, the lowest number since July 2008. In more good news, another unemployment indicator that includes Americans working part-time dropped from 11.8% to 11.3%. One sore spot: hourly wages remained stagnant, having spiked just 0.1% in October after a 0.2% September decline. Still, there have been 56 consecutive months of private sector job growth, with the last six months averaging 235K added jobs.