Unemployment drops to six-year low of 5.8 percent

The U.S unemployment rate dropped to 5.8 percent, it’s lowest level since July 2008, as the economy added 214,000 jobs in October, the Bureau of Labor Statistics reported Friday.

Job gains were also revised up for August and September, making October the ninth consecutive month of 200,000+ jobs gained and 49th consecutive month of job growth.

In October, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 2.9 million, accounting for about 32 percent of the unemployed. The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was about unchanged in October at 7.0 million.

At the current pace, the economy will add 2.74 million jobs this year, which would make it the best year for job creation since 1999.

Wage growth remains slow, though, as the BLS  reported that average hourly earnings for all employees rose by 3 cents to $24.57 in October. Over the year, average hourly earnings have risen by 2.0 percent.

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