The economy continued to add jobs, and the unemployment rate declined, but lay-offs saw a sizable jump. Meanwhile, consumer borrowing enjoyed larger-than-expected growth.

National employment grew by 271,000 jobs in October, which pushed the unemployment rate down to an even 5 percent, the Bureau of Labor Statistics reported last week. Key areas of job growth were in professional and business services, healthcare, retail trade, food services and construction. Over the past 12 months, the unemployment rate has dropped by 0.7 percent