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Unemployment at 7.8%, Lowest in Obama's Term

Rate drops as nation adds a so-so 114,000 jobs

By Evann Gastaldo,  Newser Staff

Posted Oct 5, 2012 7:56 AM CDT

(Newser) – The unemployment rate dropped to 7.8% last month, its lowest level since January 2009—meaning it's now officially lower than it was when President Obama took office, the Wall Street Journal reports. Today's jobs report also shows that 114,000 jobs were added; consensus had been 118,000 jobs added and a stable 8.1% unemployment rate.

Steven Russolillo notes that while this is a good sign, it's not amazing news: We're still averaging just 143,000 jobs per month this year, compared to 153,000 last year, and economists think we need to hit 200,000. Even so, more positive news: August job gains were revised upward to 142,000 from 96,000, meaning that bleak report wasn't actually quite so bleak, and July's numbers were revised upward to 181,000 from 141,000.

Veteran Samuel Campos, 29, second from right, holds his resume as he waits to speak to a representative from Securitas during a job fair Sept. 28, 2012 at Yankee Stadium in New York.
Veteran Samuel Campos, 29, second from right, holds his resume as he waits to speak to a representative from Securitas during a job fair Sept. 28, 2012 at Yankee Stadium in New York.   (AP Photo/Tina Fineberg)
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COMMENTS
Showing 3 of 198 comments
adventuregirl
Oct 6, 2012 7:52 AM CDT
Can we put the  underemployed in that number which would bring it up to around 13-14% Where are the jobs for the people over 50 who are not tech wizards who had decent paying jobs before their jobs were eliminated? Working in your local supermarket or retail store working for way less than they were making
dawnarun
Oct 5, 2012 4:53 PM CDT
Disregarding the flawed way in which we count unemployment in this country, after that article from the other day about most of the new jobs being in fast food, we're still a long way from the prosperity of the past. That said, a company I've been wanting to work for for years has finally started listing openings after having almost no available jobs the entire time I've had my eye on them. A little at a time, I suppose.
Rutroh
Oct 5, 2012 2:43 PM CDT
We all know the spin is on ultra high here.  Fewer people are receiving unemployment benefits because the amount of time was lowered for them, so more have been dropped, thus creating a lower # of people seeking unemployment.  So the rate goes down.  114000 jobs .... That's about 2300 per state.  Hardly a celebration, plus all the outdoor construction people in cold states will be layed off soon so the # will rise again.
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