U.S. Unemployment Rate Lowest Since January 2009
The U.S. unemployment rate fell to its lowest level since January 2009, when President Barack Obama took office, signifying job growth picked up over past months.
The Labor Department reported Friday that employers added a seasonally adjusted 114,000 jobs to their payrolls in September, dropping the unemployment rate to from 8.1 percent in August to 7.8 percent in September. Over the last 12 months, the unemployment rate has decreased by 1.2 percentage points, the largest drop since February 1995.
The Department also said Friday that a combined 86,000 more jobs were created in the prior two months than previously thought.
The report is one that will most likely be a deciding factor as voters head to the polls November 6, potentially strengthening President Obama’s argument that the economy is headed in the right direction.
Meanwhile, Mitt Romney, GOP presidential candidate has said the economy is under performing and that Obama’s policies have prevented faster growth.
The U.S. private sector accounted for most of the growth in September, adding 104,000 jobs.
The White House Administration stresses every month, the monthly employment and unemployment figures can be volatile, and employment estimates can be subject to substantial revision.