Friday, October 3, 2014
Unemployment falls below 6% for first time since 2008
The rate came in at 5.9%, while employers added 248,000 jobs last month.
The unemployment rate fell last month because more people were getting jobs, not because they were dropping out of the labor force as they have at times during the economic recovery. The number of people in the workforce was essentially unchanged.
Jobs growth was strong in professional and business services, particularly in employment services and consulting. The retail and health care sectors, which have been a powerhouse throughout the recovery, also gained. Construction added 16,000 jobs.
The hiring boost came after a surprisingly weak August, though the Department of Labor Friday revised that month's figure upward to 180,000 jobs. Still, August was the first time figures came in below 200,000 since January.
The consensus forecast from economists surveyed by CNNMoney was for a jobs gain of 215,000 jobs and an unemployment rate of 6.1%. On average, the economy has been adding well over 200,000 jobs a month this year, a very positive sign.
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Source: Tami Luhby (www.cnn.com)
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