With the unemployment rate dropping from 5.9% to 5.8%, the lowest it’s been since July 2008, the October Jobs Report reveals a continued movement toward economic repair.
According to Time, “October was the 56th straight month of private-sector job gains in the U.S., and monthly gains have averaged about 227,000 so far this year.” Other than the minimal increase of employees’ average hourly wages, this month’s jobs report indicates a healthy increase in hiring rates. With nearly 270,000 people going from jobless to employed, the number of unemployed Americans falls to just under 9 million.
Of the 214,000 jobs added throughout October, the business and healthcare sectors experienced a larger portion of the job gains, adding 37,000 and 25,000 jobs respectively. And while the majority of American voters noted the economy as their primary concern in the recent election, this consistent growth in jobs and drop in the unemployment rate keeps the U.S. on track for financial recovery.