Unemployment Rate Drops To 7.8%, Could Bolster Obama’s Chances For Second Office Term
The U.S. unemployment rate hit a new three-year low, dropping under eight percent for the first time since January 2009.
The 7.8 percent unemployment rate is helping to revive President Barack Obama’s re-election chances. The news is also encouraging to the economy that has struggled with creating jobs for nearly 44 months. Today, the number of people unemployed is now 12.1 million.
According to the Labor Department, employees added another 114,000 jobs during the month of September with an additional 86,000 jobs during July and August. Revisions showed that 146,000 jobs each month were created during July through September, which is an increase of 67,000 in the last three months. September wages also rose and more folks looked for employment.
When Obama initially took office in January 2009, the unemployment rate was 7.8 percent. Months after the inauguration, the rate increased and stayed above eight percent for 43 months straight.
The unemployment decline is critical to Obama who suffered a weak debate performance with former Gov. Mitt Romney. It could be that the September employment report will be the last to sway undecided voters, as the October employment report will be released less than a week before the election.
Romney said while figures dropped in August and September, the manufacturing sector lost 600,000 jobs since Obama became president. Something, he said, does not look like an actual recovery.
BMO Capital Markets’ economist Sal Guatieri said the report shows there has been improvement. He said the better than anticipated jobs report along with the information on the economy shows that the nation is seeing improvement. Guatieri said the significant unemployment rate drop could raise the chances of re-election for Obama.
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