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Originally posted by Bob H:
The national unemployment rate in October fell to 5 percent, the Bureau of Labor Statistics reported on Friday — the lowest mark of the Obama presidency.

Politicians might battle over the "real" unemployment rate, but don't be fooled: The BLS data is trusted by economists, and Friday's new number is a key milestone for economic policy. Namely, 5 percent unemployment means we're on the edge of the 4.9 percent level that the Federal Reserve considers as necessary for "full employment," Sho Chandra writes for Bloomberg.

The timing couldn't be more important; Fed economists are meeting next month, and Friday's strong jobs report and low unemployment rate could encourage them to hike US interest rates for the first time in nearly a decade.

And 5 percent unemployment is an incredible symbol, too. Six years ago this week, BLS reported that unemployment had passed 10 percent, the first time in decades that the US unemployment rate had hit double digits, and a visible sign of how bad the Great Recession really had become.

Obama can now argue that under his watch, unemployment has been cut in half. It's a striking improvement — especially when measured against Obama's predecessor.

President George W. Bush inherited 4.2 percent unemployment in January 2001. That rate had grown to 7.8 percent when he left office eight years later and hit 8.3 percent in the first full month of Obama's presidency