When all you read is gloom, turn here for a much different perspective.

Friday, November 6, 2015

US Economy Adds 271,000 Jobs in October; Unemployment Rate Now at 5 Percent!

U.S. employers went on a hiring spree in October, according to government data released Friday morning, adding 271,000 jobs.

The number was far above analysts’ consensus of about 185,000 positions.  The unemployment rate fell to 5 percent, and wages rose at the fastest pace since 2009. 

The robust data provides more evidence that the job market is nearing a full recovery six years after the recession officially ended. The jobless rate peaked at 10 percent in 2009 and is now closing in on what many economists believe to be its lowest sustainable level.

October's jobs increased across a broad swath of industry segments. Administrative and support services added 46,000 workers, and the health care industry added a similar number. Retailers and restaurants added more than 40,000 positions each, while construction employment increased by 31,000.

“At this point, I see the U.S. economy as performing well,” said Fed Chair Janet Yellen on Wednesday during her testimony at the US Capitol.

Remember what we said back in 2008?  It's not so bleak after all!

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