Low Unemployment Rate Doesn't tell Whole Story

Although the unemployment rate declined last month to the lowest levels since 2001, the jobs created are relatively low paying:

Most of the hiring in October was in service industries, where 152,000 jobs were created, while goods-producing industries shed 60,000 jobs.

In fact, job creation is slowing down:

As many economists have commented about previously, the best job creation of this economic expansion was never nearly as good as during the previous expansion. But even the modest job creation of the past few years seems to be slowing down now.

The pace of job creation has slowed down:

The pace of job creation fell short even of the 138,000-a-month average pace of the last six months, the statistics show. Economists say that at least 150,000 new jobs are needed every month just to keep up with population growth.