The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years. The rate declined because more people found work, a trend that could have an impact on undecided voters in the final month before the presidential election.
The Labor Department said Friday that employers added 114,000 jobs in September. The economy also created 86,000 more jobs in July and August than first estimated. Wages rose in September and more people started looking for work.
The revisions show employers added 146,000 jobs per month from July through September, up from 67,000 in the previous three months. The unemployment rate fell from 8.1 percent in August, matching its level in January 2009 when President Barack Obama took office.
Isn’t it amazing that ONE MONTH from the election, we’re seeing unemployment numbers at a 44-month low?
UPDATE: From the WSJ (bold mine):
The politically important unemployment rate fell to 7.8% last month from 8.1% in August. That was the lowest level since January 2009.
U.S. payrolls, obtained in a separate survey of employers, increased by a seasonally adjusted 114,000 jobs last month, the Labor Department said Friday.
Economists surveyed by Dow Jones Newswires expected a gain of 118,000 in payrolls and an 8.1% jobless rate.
So, the economy added 4,000 fewer jobs than were expected and yet the unemployment rate still fell .3%? Interesting…
UPDATE #2: From the BLS report:
The change in total nonfarm payroll employment for July was revised from +141,000 to +181,000, and the change for August was revised from +96,000 to +142,000.
That’s a POSITIVE adustment of 28.4% for July and 47.9% for August.
Question: Why even release the survey if the numbers are that poor?