US economy smashes expectations to add 271,000 jobs in October

The US economy added 271,000 jobs in October, more than expected.<br />The unemployment rate dropped down to 5%.<br />The Federal Reserve is scheduled to meet in December to discuss raising interest rates for the first time since the 2008 recession.<br />"At this point, I see the US economy as performing well," Janet Yellen, the Fed chair, told Congress on Wednesday.<br />Yellen did note that while there has been a slowdown in job gains, the economy would "continue to grow at a pace that's sufficient to generate further improvements in the labor market".<br />She stressed that no decision had been made and that a December rate hike would still be on the table as the Federal open market committee continued to monitor data.