U.S. Jobless Rate Declines to 7.8%; 114,000 Jobs Added |
| Bloomberg - Oct 5, 2012 |
The unemployment rate in the U.S. unexpectedly fell to 7.8 percent in September, the lowest since President Barack Obama took office in January 2009, as employers took on more part-time workers.
The economy added 114,000 workers last month after a revised 142,000 gain in August that was more than initially estimated, Labor Department figures showed today in Washington. The jobless rate dropped from 8.1 percent, and hourly earnings climbed more than forecast.
“We’re seeing some firming in the labor market,” said Dean Maki, New York-based chief U.S. economist at Barclays Plc. “It’s still not booming or extraordinarily robust, but it is a labor market that we expect to continue to be firm enough to push the unemployment rate lower.”
Today’s report, the penultimate before the November presidential election, may give Obama a boost after he stumbled in this week’s debate against Republican challenger Mitt Romney. Stocks advanced, returning the Standard & Poor’s 500 Index above its highest close since 2007, as investors bet better job prospects will give workers the wherewithal to boost spending, helping cushion the economy from a global slowdown.
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- Posted: 2012-10-05 13:04:00
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