I have to say that despite his obvious loss at the debate the other night, I think Obama just got himself a second term....
The monthly jobless rate dipped below 8 percent for the first time in
nearly four years, according to new economic data that could give
President Obama a campaign-trail lifeline after a disappointing debate
The September report showed the unemployment rate falling to 7.8
percent. The number of jobs added was still a modest 114,000, and many
of them were part time -- but the president's campaign will surely use
the lower rate to boost its argument that the economy is heading in the
"We've begun to fight our way back," Obama said in Wednesday night's debate.
The recovery has been tepid, but the president is trying to show that
it's at least improving. The Labor Department report showed the economy
created 86,000 more jobs in July and August than first estimated. Wages
rose in September and more people started looking for work.
The revisions also show employers added 146,000 jobs per month from
July through September, up from 67,000 in the previous three months.
Still, the 2012 average of 146,000 jobs per month remains lower than
last year's average of 153,000 jobs per month.
The monthly numbers are subject to change. Voters will see one final jobless report on Nov. 2, just days before the election.
The increase in September was due in part to employment growth in the health care and transportation sectors.
The unemployment rate fell from 8.1 percent in August, matching its level in January 2009, when Obama took office.
The decline could help Obama, who is coming off a disappointing debate performance against Republican challenger Mitt Romney.
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 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.
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.
Read more: http://www.foxnews.com/politics/2012/10/05/jobless-rate-falls-to-78-percent-in-september/#ixzz28Qk6tArA