The unemployment rate fell to 5.8%, according the
government report released Friday. The rate fell below 6% in
September for the first time in six years. Economists are growing more
optimistic about hiring. The consensus forecast from economists surveyed by
CNNMoney was for a jobs gain of 233,000 jobs and an unemployment rate of 5.9%.
While October's hiring fell short of expectations, experts still say it's
positive. On average, the economy has been adding well over 200,000 jobs a
month this year, a positive sign. There have been nearly 2.3 million jobs added
so far this year.
Wages still stuck: Americans,
however, have not been as upbeat about the economy. Though unemployment has
fallen from 7.2% a year ago, the economy remains their top concern and
played into the midterm voting. That's mainly because wages have remained
stagnant. Average hourly earnings remained steady last month at $24.57. Wages
are a key factor in how much money people have to spend, which drives economic
growth.
While wages are up 2% over the past year, that's just
slightly ahead of inflation, which means most U.S. workers don't feel any
better off. To put it another way, median family income in the U.S. has fallen
back to 1995 levels.
Long-term unemployed: Another
lingering problem for the economy are workers who haven't been able to find a
good job for months, if not years.
Over seven million Americans cannot find the work they need.
The number of people working part-time jobs who really want full-time
employment remained high in October and is one the reasons the Federal Reserve
is hesitant to change interest rates.
Federal Reserve Chair Janet Yellen and other officials
are closely monitoring the monthly jobs report. They are waiting for hiring and
wages to become healthy enough before raising interest rates.
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