US economy added 214,000 jobs in October 2014

The US unemployment rate has fallen to 5.8% after the economy added 214,000 jobs in October 2014, official Labor Department figures show.

The number of jobs created is slightly below forecasts of about 230,000 new posts, but still indicates a healthy US jobs market.

The figures are a significant gauge of the health of the economy.

US employers have added at least 200,000 jobs for nine months in a row, the longest growth period since 1995.

Jobs figures for August and September were also revised higher.

The burst of hiring lowered the unemployment rate to 5.8% from 5.9%. That is the lowest rate since July 2008.

Shares in New York were down shortly after the start of trading. The Dow Jones was 0.28% lower at 17505.28.

The number of unemployed in the US has dropped to 8.995 million, below nine million for the first time in six years.

The work force participation rate, which counts those with jobs and those actively seeking jobs, was barely changed in October at 62.8%.

The financial crisis of 2008 has dented that rate, with some people simply giving up the search for work.

Although economic growth has picked up this year and job opportunities with it, this week’s mid-term elections revealed employment was voters’ top worry, suggesting many Americans have not yet felt any improvement.

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