Unemployment is 3.7 percent, the lowest in nearly half a century. Over 17 million jobs have been created during this expansion, with an additional 250,000 created in October. Beyond the labor market, there are other signs of economic strength.
The steady decline in the unemployment rate is mirrored by the decline in financial hardship reported by respondents to the Federal Reserve’s Survey of Household Economics and Decisionmaking over the past five years. 1 Wage gains, increased household wealth, and elevated consumer confidence are supporting robust consumer spending.