Bloomberg reported, citing Labor Department data, the jobless rate fell to 5.8%, the lowest since July 2008, from 5.9%. The increase in hiring last month followed a 256,000 advance that was larger than first estimated as job gains head for their best showing in 15 years.

Bloomberg notes that forecasts show central bankers view unemployment in the 5.2% to 5.5% range as consistent with full employment. The rate has dropped 1.4 percentage points since October 2013, matching the biggest 12-month retreat since 1984.

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