Unemployment hits 5% milestone

The U.S. economy added 271,000 jobs in October, driving the national unemployment rate down to 5.0%.

According to the U.S. Bureau of Labor Statistics, the unemployment rate and number of unemployed persons are down by 0.7% and 1.1 million over the past 12 months, respectively.

Additionally, the number of persons employed part-time for economic reasons was down by 269,000 to 5.8 million.

October's jobs growth also exceeded the 12-month average of 230,000.

Most of last month's jobs gains occurred in professional and business services (78,000), administrative and support services (46,000), health care (45,000), retail (44,000), food services and drinking places (42,000), and construction (31,000).

In construction, specialty trade contractors scooped up the majority of the new jobs (24,700), and residential construction added 2,400.

Building material and garden equipment & supplies stores added 3,900 new jobs.