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Low, now 5%. employers adding 271,000 jobs last month. that is the most since last december. joining me now is cnbc's senior economics reporter, steve liesman. the federal reserve meets again in december. what do the numbers mean for janet yellen to announce there will be a rate hike? >> it definitely supports the idea the economy can withstand a rate hike. just a little perspective here, 271 is the number. we had two weak prior months and a lot of thinking on wall street that this is a snap-back, it doesn't represent a new higher pace of growth. it's still pretty strong. we have had a long ru...

Them out of there. certainly a changing landscape as we have been reporting regarding airport security. back to you. >> here at home it was fantastic month for jobs. the labor department reports employers added 271,000 jobs, totally beating expectations. the nation's unemployment rate is now at 5%. that is a 7-1/2 year low. the biggest job gains were in construction, health care and retail sectors. critic says new jersey of americans work organize actively looking for a job remains also its lowest level in nearly four decades. gerri willis is here. that was a big lunch. sorry. this report real...

That's the number of jobs the u.s. economy added in october. today's blockbuster jobs report overwhelmingly beating expectations. >> yeah, at many, many levels even beyond the top line. the unemployment rate a separate measurements sits at 5% as low as it's been since before the big recession back in 2008. cnn chief business correspondent christine romans is here and cnn's global economic analyst john bruhart joins us, hard for me to say but not hard to digest the numbers. because they are awesome. >> let me show you the trajectory, 271,000 net new jobs. look at the trajectory, guys, because t...

270,000 jobs in october. that is driving down unemployment to 5%. that is incredibly significant. 5%. look where we have come from. what does this mean on the fed's decision for interest rates. we haven't seen that since what? 2008. >> pre crisis levels. 5 spr 5% is a significant milestone. and just the magnitude. 270,000 in the month. is the best job creation all year wrong. a big surprise and hiring across the board. when you look at job gain, 271,000, the best we've seen since late last year. now on average we're about 206,000 a month. that means last year and this year a very strong years ...

From now, "mtp daily," vocal keystone critic and influential billionaire tom steyer is a guest of chuck todd. the october jobs report is out and it has some big numbers. unemployment at a seven-year low after dropping to 5%. a total of 271,000 jobs were added last month. msnbc business correspondent olivia sterns is here to break down the numbers and tell us what it says about the progress for our economy. >> kate, it's a huge number. you can think of this as a bright green light for the fed to raise rates for the first time in nearly a decade. 271,000 jobs added to pay rolls in the month of...