The U.S. Economy Continues Its March Forward As The Unemployment Rate Falls

The U.S. Labor Department reported the U.S. economy created 271,000 new jobs in October, the 68th straight month of positive job growth.  The unemployment rate came in at 5% down from the 5.1% in September.  In a separate notice the Department reported that claims for unemployment insurance are near the historical lows.

The unemployment rate of 5% was the lowest since April of 2008.  When President George W. Bush left office in January of 2009 it was 7.8% which was up from the 4.2% when he took office.  The 5% rate is a dramatic turn around from what happened during the previous republican administration.  The President needs to continue to push congress to pass his proposals that will keep the economy and job creation moving forward.

This commentary written by Joe Lorio