The rate of unemployment in the U.S. is 7.9%

After the 0.3% drop in September 2012, which provoked a fierce discussion on the accuracy and biases associated with the Census Bureau's surveys, the rate of unemployment has risen by 0.1% in October and the BLS reported 7.9%. This figure provides a strong support to the long term downward trend in unemployment and, in turn, a positive trend in employment. According to our version of Okun's law, we expect a healthy growth in real GDP by 3% per year.