Unemployment hit a seven year low according to the jobs report released by the Bureau of Labor Statistics Friday.
The economy added a total of 271,000 nonfarm jobs, pushing unemployment down from 5.1 percent to 5 percent. Economists projected just 185,000 in employment gains for the month.
The strong numbers could be the indicator the economy is stable enough for the Federal Reserve to finally raise interest rates for the first time since the 2008 financial crisis the agency has been looking for. Fed Chair Janet Yellen told the House Financial Services Committee Wednesday an increase is a “live possibility.”
The U-6 number, which takes underemployment into account, dropped .2 percent to 9.8 percent. The number of unemployed stayed the same at 7.9 million people out of work.
Private sector hourly wages increased by 2.5 percent to $25.20 from October 2014.
While the numbers were better than expected, House Ways and Means Committee Chairman [crscore]Kevin Brady[/crscore] said the country can do better.
“This is a better report than we have come to expect. Right now, however, there are still far too many people on the sidelines, and much more work needs to be done to lift the paychecks of our workforce,” the Texas Republican said in a statement. “America needs a pro-growth agenda and House Republicans under Speaker Ryan are committed to it. As chairman of Ways andMeans, I will work to fix our broken tax code so we can expand economic opportunity for workers and help families get ahead.”
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