Friday, October 5, 2012

Urban Beat: U.S. Unemployment Rate Falls to 7.8%

The U.S. Unemployment Rate has fallen to 7.8% the lowest since January 2009

From The Washington Post:

The unemployment rate plunged to 7.8 percent in September, the Labor Department said Friday, from 8.1 percent in July, its lowest since January 2009, in a surprising show of improvement in a job market that had seemed listless in recent months.

Employers reported creating 114,000 jobs in September, almost identical to analysts’ forecasts, but revisions to data from July and August brought improvement of that measure of the job market as well.

While it is that headline number — the drop in the unemployment rate — that will surely capture the most attention in the final weeks of a hard-fought presidential campaign, if anything the inner details of the survey on which it is based reveal an even rosier picture.

The unemployment rate fell despite more people — 418,000 of them — entering the labor force. That brought the employment to population ratio up four tenths of a percent, to 58.7 percent. Some 873,000 more Americans reported having jobs in the survey of households, and 456,000 fewer reported not having a job but wanting one.

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