Unemployment rate dips to 7.8 percent

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The nation’s unemployment rate fell to 7.8 percent in September, its lowest level in nearly four years, as employers created 114,000 jobs.

The increase follows a revised 142,000 gain in August that was more than initially estimated, Labor Department figures showed today in Washington. The median estimate of 92 economists surveyed by Bloomberg called for an advance of 115,000.

“Things are improving, but it’s really a small down payment on a very big project we’ve got ahead,” James Glassman, senior economist at JPMorgan Chase & Co. in New York, said today on Bloomberg Radio. “Politically, it’s important news. It’s nice to see the unemployment rate coming down.”

The unemployment rate is derived from a survey of households. The survey showed an 873,000 increase in employment, the biggest since June 1983, excluding the annual census population adjustments. Some 582,000 Americans took part- time positions because of slack business conditions or those jobs were the only work they could find.

Joblessness fell most among teenagers, declining to 23.7 percent last month from 24.6 percent.

Payrolls projections in the Bloomberg survey ranged from increases of 60,000 to 165,000 after an initially reported 96,000 gain in August. Revisions to July and August added a total of 86,000 jobs to payrolls in the previous two months.

Private payrolls, which exclude government agencies, rose by 104,000 in September. They were projected to advance by 130,000, the survey showed.

Factories eliminated 16,000 positions, compared with the survey forecast of no change and following a 22,000 decrease in the previous month.

Click here for the full Bloomberg report.

Comments

7 comments on “Unemployment rate dips to 7.8 percent

  1. banjoman47

    Amazing! Five weeks before a Presidential election and we have employment numbers at an 873,000 increase? WOW! Even if they were part-time, I could not believe that increase. Maybe we should have had this election in JUNE, huh? These numbers are bogus as hell. Believe them at your own peril.

  2. Truth Man

    Some major liberal spin going on here. The truth will be revealed. Liberals will ignore it of course. Liberals prefer lies to the truth.

  3. Capt. Butch Bernetti

    The jobs report includes 10,000 new government jobs…..are you wanting to pay for 10,000 more government employees??

    Don’t forget your on the hook for their Healthcare as well as Salary and pension.

  4. loren schweizer

    The first smoking gun are the two economists at the Bureau of Labor Statistics who donated to the Obama campaign : Harvey Frazis and Stephen Phillips. You will see their names in the press very shortly.

    The second will be the inevitable revision (always revised downward) which consistently occurs the month following the previously reported number. This has gone on for years, now.

    Next comes common sense: a 3 to 4 percentage drop in monthly unemployment when manufacturing jobs have suffered yet another decline. The real truth is that full-time jobs are reverting to part-time jobs–same jobs, but hey! they are new according to the regime…
    Truth Man and banjoman47 are among the millions of citizens who can see through the political lying and manipulation of the labor statistics.
    We are seeing through our own eyes what is going on in this moribund economy.
    The Mainstream Media is no longer credible.

  5. AnonymousBob

    Banjoman: where did you get an 873,000 increase?!

    Capt. Butch: you’d rather have those 10k on unemployment instead? You know, when they aren’t contributing to the tax base or aren’t buying anything (boat stuff) other than necessities. You’re sad if you want people to NOT get jobs!

    Loren: source your claim about the economist’s donations, please. Otherwise, you got nothin’ but hot air. As to the revisions “always revised down”, you might want to do some research. July and August were revised upward, so you’re smoking some wacky weed. You need to look at historical data for ALL BLS jobs reports during Bush’s admin, too, if you’re going to make asinine statements. And the unemployment rate dropped .3 points (3/10 of a percentage point, NOT 3 percentage points) – not even 1 percentage point.

    It absolutely amazes me the 3 of you are slamming good news just because you don’t like Obama. You’re sad individuals when you cheer for bad economic news for our country (you know, customers) instead of celebrating news that shows the country maybe making some process out our doldrums. Embarrassing (but not surprising)!

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