5% Unemployment; 38-Year Low for Labor Participation

5% Unemployment; 38-Year Low for Labor Participation

“The number of Americans not in the labor force last month totaled 94,513,000 — a slight improvement from the 94,610,000 not in the labor force in September–but the labor force participation rate nonetheless remained at its lowest point in 38 years, with only 62.4 percent of the civilian noninstitutional population either holding a job or actively seeking one.” Economists expected 185,000 jobs to be added in the month of October, well below the 271,000 that were actually added according to The Bureau of Labor Statistics. Last month the unemployment rate dropped to 5.0 percent.

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