Job creation on best pace since 1999 as unemployment drops below 6%

The national unemployment rate dropped to 5.9 percent in September as employers created 248,000 more jobs, the Bureau of Labor Statistics reported Friday.

At the current pace, the economy would add 2.72 million jobs this year, the highest level in 15 years. The 5.9 percent unemployment rate is also the lowest since July 2008 and total private sector employment is now 1.7 million above the pre-recession high and more than 10 million above the recession low, albeit with a larger population.

On the negative side, wage growth continues to be stagnant, with a slight decline in September and only 2 percent growth for the year. There are also 7.1 million Americans who are working part-time jobs that would prefer to be working full-time jobs.