US Unemployment Reaches 6-year low of 5.9%

[Clarko95 📚💰📈]

This brings the total for 2014 2.040 million, so we're on track to add more than 2.5 million jobs this year, which would be the best year since 2005. Cool beans

[Clarko95 📚💰📈]

Lief: Thanks Obama!

Yes! Thank you Mr. President for this great bounty of jobs you have bestowed upon us!

Too bad that now that the economy is growing again, no one seems to want to talk about it or give Obama any credit.

Well, to be fair, wages are still crap and the manufacturing sector is devastated despite the trickle of jobs coming back in that sector. :/

[Clarko95 📚💰📈]

Anyone want to hazard a guess where the (official) unemployment rate will be by January 2017?  A little over 4%?

Well, I'd say above 4.5%, because when unemployment begins dropping towards 5%, I'm guessing that the much-lamented "discouraged workers" will enter the labor force again, attracted by jobs and rising wages, and this could cause the rate to hold around 5%. Through every recent economic expansion, it takes a while for unemployment to get through to 5%, as what happened in the mid-1990s, late-1980s, early 1970s, and early-/mid-60s when U3 bounced around in the 5 - 5.6% range before finally dropping below.

Also, when unemployment starts dropping in the low-5% range, the Federal Reserve will probably begin to raise interest rates, and this could cause a soft landing as the economy takes a breather, like what happened in 1995 after the economy did crazy good in 1994.

I'm guessing 5.5% at the high end and 4.5% at the low end if the economy keeps growing between 2% and 3% per year. If forced to pick a percentage, I'd go with 5.2%.