Unemployment Is the Lowest It's Been in Almost a Decade

According to the Bureau of Labor Statistics, the US added 178,000 new jobs last month, bringing the unemployment rate to 4.6 percent—the lowest its been since August 2007.

The monthly report found that most of the new jobs were added to professional and business services, the healthcare industry, and construction. The majority of the new jobs went to white dudes—the employment rate for women and teenagers stayed pretty much the same, NPR reports.

While the drop is generally good news—many economists consider 4.6 percent "full employment" due to the number of Americans who are able to work—wages didn't increase. Hourly wages rose a record $0.11 in October, but dropped by about $0.03 this month. However, people are still making 2.5 percent more than they were last year, so that's something.

The low unemployment rate will likely influence the Fed to raise interest rates in order to avoid a sharp rise in inflation.

"In my view, the case for an increase in the federal funds rate has clearly strengthened since our previous meeting earlier this month," Federal Reserve governor Jerome Powell said Tuesday.