WASHINGTON – Congresswoman Carolyn B. Maloney (D-N.Y.), Ranking Democrat on the Joint Economic Committee, said Friday that the October jobs report reflects an economy that is continuing to recover, despite the volatility of the global economy. Implementation of a two-year budget plan, the Congresswoman said, helped avoid additional economic uncertainty.

The Bureau of Labor Statistics announced that the economy added 271,000 nonfarm jobs in October, while the unemployment rate dropped to 5.0 percent. Average hourly earnings have increased by 2.5 percent over the past 12 months.

“October marked the 68^th straight month of private-sector job gains – the longest growth streak on record.  This is no small feat, given the economy President Obama inherited in 2009,” Maloney said. “Although some have worried about a faltering recovery in recent months, today’s report provides ample reassurance that the economy is still advancing and the labor market continues to strengthen.

“Does that mean we are where we want to be? No. Too many people are still unemployed and, over many years, wages have not kept pace with the cost of living. Anyone who wants to work should be able to do so for a wage that keeps them above the poverty line.

“Implementation of a two-year budget plan last week and House passage of a long-term highway bill this week are reasons for optimism. Congress should build on these bipartisan actions." 

View jobs growth chart here