Economy Adds 214,000 Jobs in October, Unemployment Rate Drops to 5.8%

October was the ninth consecutive month with greater than 200,000 new jobs, and private employers have now created 10.6 million jobs over the last 56 months. The U.S. Bureau of Labor Statistics reported that both the unemployment rate (5.8 percent) and the number of unemployed persons (9.0 million) edged down in October. Since the beginning of the year, the unemployment rate and the number of unemployed persons have declined by 0.8 percentage point and 1.2 million, respectively.  However, there is still widespread economic inequality. Wages haven’t kept pace with productivity.