U.S. unemployment rate falls to 7.8 percent

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Friday, October 05, 2012

The nation's unemployment rate fell to its lowest level since January 2009.

The unemployment rate slid to 7.8% in September, falling below 8% for the first time since President Barack Obama's inauguration, the Labor Department said Friday. Employers added a seasonally adjusted 114,000 jobs last month, a tepid pace that was countered by the fact that figures for previous months were boosted above initial estimates. Those figures reflected that the nation added 181,000 jobs in July and 142,000 jobs in August, showing that job growth in the third quarter was far higher than in the spring.

The report is one of the final major gauges of the economy before voters head to the polls Nov. 6 to choose the next president. The jobless rate is now back to where it was when Mr. Obama took office, potentially strengthening the president's argument that the economy is on the right path and gradually healing from a deep recession. However, just one president, George W. Bush, in recent decades has won re-election when the unemployment rate was unchanged or higher than when he took office.

Read more at The Wall Street Journal.

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Comments   

 
Guest
+1 #1 That is the U3 number not the U6 numberGuest 2012-10-05 18:22:27
How convenient that this is shown this way a month before the election. What they are not showing is the adjusted number is always higher and the 7.8% is the U-3 number. The most important number is the U-6 number. That is MUCH more comprehensive of the real problem as it represents the U-3 plus those that are out of benefits, stopped looking, part time and contractors or private businesses that cannot draw unemployment. Please see the adjusted data here. http://www.bls.gov/news.release/empsit.t15.htm
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