Unemployent Rate Hits Six-Year Low

The Labor Department today reported that 248,000 jobs were created last month, pushing the unemployment down to a six-year low of 5.9%. Via Politico:

The number of new jobs easily surpassed expectations — analysts had predicted 215,000 jobs created last month, according to a Bloomberg survey. Friday’s robust jobs report comes at an opportune time for the White House as it makes a final push ahead the midterm elections to highlight the economic recovery during the Obama administration. This is the last jobs report before voters go to the polls on Nov. 4. “The data underscore that six years after the Great Recession — thanks to the hard work of the American people and in part to the policies the President has pursued — our economy has bounced back more strongly than most others around the world,” Jason Furman, chairman of the White House Council of Economic Advisers, said in a statement.

The dip in unemployment can be attributed in part to an estimated 96,000 Americans leaving the work force. The labor force participation rate also dipped slightly to 62.7%.