Employment numbers are on course for their best yearly gain since 1999.
U.S. employers added 214,000 jobs last month, continuing the longest stretch of job creation since World War II despite an overall discontent with the economy among voters.
Employment numbers are on course for their best yearly gain since 1999, causing the unemployment rate to drop to 5.8 percent last month, according to a Wall Street Journal report.
The market movement suggests that worries about overseas growth are subsiding. It was the 49th straight month of job gains — however, angst among voters remains high, as suggested by Republicans’ landslide victory last week during the midterm elections. Exit polls from the election suggested that economic expansion was a key reason for their decisions to vote Republican.
The job growth hasn’t all been good. Some of it has been the result of workers settling for lower-paying jobs or part-time positions after losing a good-paying job during the recession, which has restrained income nationwide and stunted consumer spending. The economy grew just 2.3 percent in the past 12 months ending in September, which is about the same as the past three years.
President Barack Obama acknowledged that there is still work to do for the economy, noting that many workers are “anxious about their futures” and having trouble paying their bills.
GOP candidates campaigned on the economy, and won the Senate and expanded their control of the House.
Still, the consistent growth has put the United States in a much firmer position as other nations such as China see their economies start to slow, and Europe continue to flag. The U.S. economy has become less vulnerable to sudden shocks, according to the report.
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