Employment Rate : US keeps pumping out jobs

WASHINGTON: The US economy built on its record streak of job creation in October with the unemployment rate falling a notch to 5.8%, its lowest level in six years. But the data released also showed that earners are still not benefitting much from the recovery. The Labor Department reported that the country churned out 214,000 net new jobs last month. That kept alive a nine-month streak over the 200,000 benchmark, and a record 56 months straight of growth in the US jobs market. “With the report, the unemployment rate is falling as fast as at any point in the last 30 years, and the economy is on pace for its best year of job growth since the late 1990s,” said Jason Furman, Obama’s top economic adviser. The data suggested even more strength than that: the numbers for the previous two months were revised upward, and showed that the economy is smoothly absorbing more entrants and returnees into the jobs market.

Published in The Express Tribune, November 9^th, 2014.

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