Huge boost for U.S. as unemployment rate hits six-year low

The unemployment rate in the United States fell to below 6 per cent for the first time since July 2008, an extremely positive sign, and one likely to be used by Democrats and President Barack Obama ahead of the November elections. Last month, 248,000 jobs were added by employers, while the July jobs estimate was bumped up by 69,000 jobs, taking the rate to 5.9 per cent. A 5.5 per cent unemployment rate is considered by economists to be at a healthy level, and could fuel pressure on the Federal Reserve to raise interest rates.

It’s still hard to find a good-paying job.

Jabari Jones, 32, from Georgia

Average hourly earnings also rose 2 per cent since last year, and the length of the average workweek also rose, to 34.6 hours. Economists say the economy could be growing at a 3 percent expansion rate - higher than the average rate of 2.2 per cent.

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