October was a month of strong jobs gains. Since President Obama took office, the economy has added 8.7 million jobs.
On many fronts, there’s a lot to cheer. More people are getting back to work. Gas prices are extremely low. The stock market is back near its all-time highs. Home prices have rebounded in most parts of the country.
Even wages and consumer spending are finally starting to show signs of a pickup.
Unemployment is now down to 5% — a healthy level that the U.S. hasn’t seen since before the financial crisis of 2008.
A stronger economy is a problem for Republicans
“With low unemployment and rising wages, the Republicans’ job gets a lot harder,” says Doug Holtz-Eakin, president of the American Action Forum and a former economic adviser to John McCain’s presidential campaign.