Today’s post was shared by US Labor Department and comes from social.dol.gov
October was another solid month of job growth, as our economy added 214,000 jobs and continued its strong, steady recovery. It was the ninth month in a row with greater than 200,000 new jobs (after revisions), and private employers have now created 10.6 million new jobs over the last 56 months. The unemployment rate fell to 5.8 percent, compared to 7.2 percent a year ago.
Thanks to the ingenuity and innovation of both our workers and our businesses, as well as strong leadership by President Obama, we have climbed out of the worst economic crisis of our lifetimes. GDP is now significantly higher than it was before the recession. Consumer confidence is at its highest level since 2007. Rising home values are creating greater economic security for millions of people. For the first time in 20 years, the United States produces more oil than it imports. More people have access to affordable health care, and more students are graduating from high school.
But clearly there is still unease in American households from coast to coast – and it comes from a very real place. There is still widespread economic inequality. Wages haven’t kept pace with productivity. We are in the middle of the strongest run of private-sector job growth in 16 years, but we need the same broadly-shared prosperity that we had in the late 1990s. Today’s rising tide is only lifting some boats, while too many others are struggling to stay above water. We have to do more.
On Tuesday, the American…