U.S. Payrolls Rise as Jobless Rate Drops to Six-Year Low
By Michelle Jamrisko Nov 7, 2014 12:42 PM ET
The American labor market is powering past a global slowdown as unemployment decreased to a six-year low in October and 214,000 workers were added to payrolls.
The jobless rate fell to 5.8 percent, the lowest since July 2008, from 5.9 percent in September, Labor Department figures showed today in Washington. The increase in hiring last month followed a 256,000 advance that was larger than first estimated as job gains head for their best showing in 15 years.
The report probably keeps Federal Reserve policy makers on track to raise interest rates in 2015 even as wages continued to show little momentum. Disappointing average hourly earnings help explain the voter discontent that gave the Republican party control of the Senate in this week’s election.
“The labor market is firming,” Federal Reserve Bank of Chicago President Charles Evans said in a speech today. “Labor-market slack is definitely diminishing.” Evans has often warned of the dangers of raising interest rates too quickly.
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http://www.bloomberg.com/news/2014-11-07/payrolls-in-u-s-rose-214-000-as-unemployment-drops-to-5-8-.html