Business
U.S unemployment falls to 7.8 % – may bolster Obama re-election chances
Stock futures rose modestly after the report. Dow Jones industrial average futures, up 30 points just before the report came out, were up 45 points after it was released.
The yield on the 10-year U.S. Treasury note climbed to 1.73 percent from 1.68 percent just before the report, a sign that investors were more willing to embrace risk and move money from bonds into stocks.
The job market has been improving, sluggishly but steadily. Jobs have been added for 24 straight months. There are now 325,000 more than when Obama took office.
The September gains were led by the health care industry, which added 44,000 jobs — the most since February. Transportation and warehousing also showed large gains. The revisions showed that governments actually added 63,000 jobs in July and August, compared with earlier estimates that showed losses.
Still, many of the jobs added last month were part time. The number of people with part-time jobs who wanted full-time work rose 7.5 percent to 8.6 million.
Copyright 2012 The Associated Press.
