US economy smashes expectations to add 271,000 jobs in October
- 9 years ago
The US economy added 271,000 jobs in October, more than expected.
The unemployment rate dropped down to 5%.
The Federal Reserve is scheduled to meet in December to discuss raising interest rates for the first time since the 2008 recession.
"At this point, I see the US economy as performing well," Janet Yellen, the Fed chair, told Congress on Wednesday.
Yellen did note that while there has been a slowdown in job gains, the economy would "continue to grow at a pace that's sufficient to generate further improvements in the labor market".
She stressed that no decision had been made and that a December rate hike would still be on the table as the Federal open market committee continued to monitor data.
The unemployment rate dropped down to 5%.
The Federal Reserve is scheduled to meet in December to discuss raising interest rates for the first time since the 2008 recession.
"At this point, I see the US economy as performing well," Janet Yellen, the Fed chair, told Congress on Wednesday.
Yellen did note that while there has been a slowdown in job gains, the economy would "continue to grow at a pace that's sufficient to generate further improvements in the labor market".
She stressed that no decision had been made and that a December rate hike would still be on the table as the Federal open market committee continued to monitor data.