The October employment / jobless rate figures have just been released, and it’s great news for Americans.
The number of Americans unemployed has fallen to its lowest rate in seven years. At a mere 5%, the new unemployment figures make it likely that the Federal Reserve with raise interest rates soon.
According to NBC News, “Companies shrugged off slower overseas growth and a weak U.S manufacturing sector to add jobs across a range of industries. Big gains occurred in construction, health care and retail. Healthy consumer spending is supporting strong job gains even as factory payrolls were flat and oil and gas drillers cut jobs. Payroll data for August and September also were revised upward to show 12,000 more jobs created than previously reported.”
Kurt Brunner, portfolio manager with the Swarthmore Group in Philadelphia, told NBC News that: “It’s obviously a pretty strong number and I think that it probably certainly has the Fed thinking that it might be time to raise interest rates,” adding: “… Manufacturing’s a bit flat and mining’s not great, but there’s wage growth and I think it indicates that the economic growth in the U.S., while not fantastic, is steady and we’ll build on this.”
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