Business
U.S unemployment falls to 7.8 % – may bolster Obama re-election chances
Job applicants fill out applications for positions at a new bar and restaurant in Detroit. PHOTO/Paul Sancya/AP
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.
Black unemployment has fallen from 14.1 to 13.4 percent and African-American teen joblessness dropped slightly from 37.9 to 36.7 percent.
Both campaigns were watching the monthly reports closely, but neither appeared to react publicly in the first few minutes after Friday’s news.
The Labor Department said 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.
The decline could help Obama, who is coming off a disappointing debate performance against Republican challenger Mitt Romney.
