Jobs report: An economic rebound?
Is the economy recovering? The jobs report offers promising signs.
The unemployment rate remains 5 percent. That’s down from October 2014, when the unemployment rate was 5.8 percent. (At the time, that was the lowest rate in six years. In December 2008, there were 11.1 million unemployed, and the rate was 7.2 percent.)
There are still 7.9 million people unemployed. And 26.8 percent of the unemployed (2.1 million) are considered “long-term unemployed,” meaning they have been jobless for 27 weeks or more. The unemployment rate also remains high for teenagers --15.9 percent.
In his blog, Labor Secretary Tom Perez pointed out that the new report shows the most job growth yet in 2015. In October and September, “auto sales maintained a pace that would surpass 18 million a year, the first time that has happened in back-to-back months since February 2000.”
He pointed to other favorable indicators as well:
- There were 5.4 million job openings as of the end of August.
- During the 12-month period ending in September, gas prices fell 29.6 percent.
Wages are up slightly: In October, average hourly earnings for all employees rose by 9 cents to $25.20, the Labor Department report said.
Related:
Employment: Jobless rate lowest in six years
As economy recovers, hope for manufacturing
Report: A dismal March clouds jobs picture
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