Unemployment Falls Below 8% Nationally

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.

22 Community Comments, Facebook Comments

  1. James Doddjadodd says:

    Consider all of the Republican ads that need to be pulled and redone!

  2. davebarnesdavebarnes says:

    “The Labor Force Participation Rate increased slightly to 63.6% in September”

    http://www.calculatedriskblog….

  3. caroman says:

    Huge, positive news for the President.  I can’t explain why the rate fell (perhaps the upward revisions from prior months), but who cares?

    This is the October surprise game changer that will swing undecideds.

    Game, set, ……

  4. AristotleAristotle says:

    @jack_welch had this to say:

    Unbelievable jobs numbers..these Chicago guys will do anything..can’t debate so change numbers

    They can’t erase Mitt’s flip-flops and anti-working people statements, or produce an actual plan he’s proposing. Obama is succeeding despite the GOP’s total refusal to cooperate. This drives them mad.

  5. Gilpin GuyGilpin Guy says:

    was going to rebound anyway so there wasn’t going to be too much that he would have to do?

    Looks like the rebound came a early in spite of Republican obstruction of monumental proportions.  

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