As the Washington Post reports:
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.
Getting unemployment under 8% ahead of the election is a big psychological milestone, but the underlying numbers in this report–upward revision of job creation numbers for prior months, higher wages, and the fact that there are finally more jobs in America than before the economic collapse of 2008–all bode very well politically for President Barack Obama.
We realize the “confidence fairy” isn’t supposed to come out of hiding until…well, you know, after November 6th, but it seems as though she’s making an appearance a few weeks early.
Still good news, right? If you don’t think so, maybe your priorities are a bit skewed.