Unemployment continues positive trend
The U.S. unemployment rate dropped again in October and, at 5.8 percent, is the lowest it has been since June 2008, according to the Bureau of Labor Statistics. The rate has now dropped in 15 of the past 24 months. Additionally, the U-6 unemployment rate, which measures not only people without work seeking full-time employment (the more familiar U-3 rate), but also counts “marginally attached workers and those working part-time for economic reasons,” has dropped to 11.5 percent, the lowest it has been since September 2008, after declining in 15 of the past 24 months.
Total nonfarm payroll employment rose by 214,000 in October, in line with the average monthly gain of 222,000 over the prior 12 months, though the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 2.9 million.
The biggest gains were seen in food services and “drinking places,” which added 42,000 jobs in the month, compared with an ave