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U.S. Jobless Rate Falls to 5%
America’s unemployment rate declined in October to 5%, its lowest since February 2008, according to the U.S.
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America’s unemployment rate declined in October to 5%, its lowest since February 2008, according to the U.S. Dept. of Labor. Officials consider a 4.9% rate normal.
The economy added 271,000 nonfarm jobs last month, its biggest monthly increase all year. The department also adjusted jobs gains in August and September by 12,000 each, thereby hiking the average monthly increase so far this year to 206,000 positions.
The department notes that the broader underemployment rate dropped 0.2 points to 9.8%, its best since May 2008. Analysts note the gap between underemployed and unemployed adults has narrowed to a seven-year low, an indicator the economic recovery is broadening.
Average hourly earnings in October grew 2.5%, the strongest year-on-year increase since July 2009, according to the Labor Dept. Economists say the upbeat employment data make it even more likely the Federal Reserve will announce an increase in its prime lending rate in December.
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