MOUNT HOLLY, NJ – According to the new data released today by the Bureau of Labor Statistics (BLS) the unemployment rate fell to 4.4 percent, its lowest level in five years. 

"This drop in the unemployment rate is great news for American workers," said Congressman Jim Saxton. "This rate of unemployment is lower than the average of the 1950s, 60s, 70s, 80s and 90s.  This means that today more Americans are working and bringing home paychecks."

BLS also announced that payroll employment rose by 92,000 in October, following upwardly revised increases of 148,000 in September and 230,000 in August. Also, the household survey measure of employment jumped by 437,000 in October. These figures mark the 38^th consecutive month of employment increases.

"The new employment figures released today show the health and resilience of the U.S. economy. Since August of 2003, nearly seven million jobs have been added to payrolls," said Saxton.

Tax legislation passed by Congress and enacted in 2003, coupled with Federal Reserve monetary policy, laid the foundation for a rebound in investment that has boosted economic growth. Since August of 2003, 6.9 million jobs have been added to payrolls, and the unemployment rate has declined to 4.4 percent.