Unemployment Drops to 5% with 271,000 Jobs Added in October

 

And the positive economic growth continues, regardless of what the Republicans say.

The Bureau of Labor Statistics reported Friday that nonfarm payrolls grew 271,000 for the month, a sharp jump from weak August and September numbers. The headline unemployment rate declined to 5.0 percent, declining even as the civilian labor force increased by 313,000.

A broader measure of unemployment that includes those who have stopped looking as well as those working part time for economic reasons declined to 9.8 percent, the first time it’s been below 10 percent since May 2008.

Perhaps more important than the headline number was the growth in average hourly earnings, which jumped 9 cents, representing a monthly gain of 0.6 percent and an annualized increase of 2.5 percent. The average work week remained at 34.5 hours.

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