Best Job Growth of the 21st Century?

This morning in the Department of Labor’s monthly jobs report, BLS reported that the unemployment rate had slide down to 5.8% and 214,000 new jobs were created. October’s unemployment rate is the lowest since President Obama took office and since July 2008. Recent weeks have shown strong indicators, including 3.5% GDP growth in Q3 and the average 4-week unemployment benefit claims fell to a decade low. The U.S. Economy in 2014 has added 2.3 million new jobs; if this trend continues, it'll be the best year of job growth since 1999.  

Despite this, voters felt that the economy is in poor condition and the recovery is not reaching them.  Many experts have attributed that to stagnant wage growth, which in October only improved by 2% in the last year.  Fixing this issue may become more of a focus as the unemployment rate continues its decline over the next year.

One economic issue that also slipped through the cracks in the past month was the debt-to-GDP ratio. The budget deficit to GDP ratio has shrunk to the lowest levels since 2007, and now sits at a shortfall of $483.4 billion. In layman’s terms, this outcome comes that the Obama Administration has been successful in greatly reducing the budget deficit. It is now 1/3rd of what the budget deficit was during President Obama’s first year in office in 2009.