U.S. Jobless Rate Falls to 7.8%
The Labor Department said the unemployment rate decreased to 7.8% in September and payroll employment rose by 114,000. Employment increased in healthcare, transportation and warehousing but changed little in most other major industries.
In a related article, Bloomberg reported that the unemployment rate had topped 8% since February 2009, the longest stretch in monthly records dating back to 1948. The U.S. economy has so far recovered about 4.1 million of the 8.8 million jobs lost in the wake of the 18-month recession that ended in June 2009.
Bloomberg added, only one president, Ronald Reagan, has been re-elected since World War II with unemployment above 6%. On election day 1984, the rate was at 7.2%, having fallen almost three percentage points in the previous 18 months.
To read the Labor Department report, click here.
To read the Bloomberg article, click here.