In the Things Are Getting Better Department

US Payrolls Rise as Jobless Rate Drops to Six Year Low.  214,000 jobs created.  Unemployment rate falls to 5.8%.  {Source Bloomberg.com}

And from Business Insider.com. {Emphasis Mine.}

"The drop in the unemployment rate takes this number {Jobless Rate} to its lowest since 2008, and the "U-6" unemployment rate, which also includes those working part-time for economic reasons, fell to 11.5% from 11.8%. Unrounded, the headline unemployment rate came in at 5.756%. 

In a note to clients following the report, Paul Ashworth at Capital Economics wrote that, "Although the 214,000 gain in non-farm payrolls in October was slightly below the consensus forecast at 235,000, this was still, on the whole, a strong employment report. A massive 638,000 surge in the alternative household survey measure of employment pushed the unemployment rate down to only 5.8%."

The household survey is a broader employment measure that includes self-employed workers with unincorporated businesses, unpaid family workers, and agricultural workers. This reading, however, has a larger margin to error than the headline establishment survey.

Friday's report showed that average weekly hours worked edged up, in-line with expectations, to 34.6 hours. 

Wage growth remained somewhat disappointing, as wages grew 0.1% month-on-month, missing expectations for growth of 0.2%. Year-over-year, wages grew 2%, below expectations for a 2.1% gain. 

The labor force participation rate, which is also closely watched by the market, rose slightly from last month, to 62.8% from 62.7%. The employment-population ratio increased to 59.2% in October, the highest level since 2009. 

And on Twitter, Reuters' Jamie McGeever said that this is the 49th consecutive month of job gains, a record streak dating back to the 1930s. 

Additionally, this is the longest streak of 200,000+ payrolls gains since a 19-month streak that was seen from 1993-1995."

Link:  "Unemployment Rate Falls to 5.8%"