U.S. unemployment rate down to 5.8% and 214,000 jobs were created

Look at what we have here…

Unemployment Rate Down to 5.8%, 214,000 Jobs Created

Via Reuters

U.S. job growth increased at a fairly brisk clip in October and the unemployment rate fell to a fresh six-year low of 5.8 percent, underscoring the economy’s resilience in the face of slowing global demand.

Despite the strengthening labor market picture, wage growth remained tepid, suggesting the Federal Reserve would be in no hurry to start lifting interest rates.

Employers added 214,000 new jobs to their payrolls last month, the Labor Department said on Friday. The unemployment rate fell from 5.9 percent, even as more people entered the labor force, a sign of strength in the jobs market.

Data for August and September were revised to show 31,000 more jobs created than previously reported.

“Today’s jobs report confirms that the U.S. remains the bright spot in a global economic picture filling with clouds,” said Michael Griffin, managing director at CEB in Arlington, Virginia.

Economists polled by Reuters had forecast 231,000 new jobs last month and for the unemployment rate to hold steady.

U.S. stock index futures edged up on the data. Prices for U.S. Treasury bond prices fell slightly and the dollar was little changed.

Monthly job growth has exceeded 200,000 for nine straight months, the longest stretch since 1994, sufficient strength to keep the economy on a higher growth path after it expanded at a 3.5 percent pace in the third quarter.

Maybe Barry-O is doing a better job than the GOP (and some dissociative Democrats) wants to give him credit for.

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