The U.S. unemployment
rate fell to 7.8 percent last month,
dropping below 8 percent for the first time in
nearly four years.
The rate declined because more people found work, a trend that could have an impact on undecided voters in the final month before the presidential election.
The Labor Department said today that employers added 114,000 jobs in September. The economy also 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 show employers added 146,000 jobs per month from July through September, up from 67,000 in the previous three months. The unemployment rate fell from 8.1 percent in August, matching its level in January 2009 when President Barack Obama took office.
The decline could help Obama, who is coming off a disappointing debate performance against GOP challenger Mitt Romney. The report may be the last to sway voters. The October jobs report will be released only four days before Election Day.
"An overall better-than-expected jobs report, consistent with most recent data that suggest the economy is gaining some momentum," said Sal Guatieri, an economist at BMO Capital Markets, in a note to clients. "The sizeable drop in the unemployment rate could lift the president's re-election chances following a post-debate dip."
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 yield on the 10-year U.S. Treasury note climbed to 1.73 percent from 1.68 percent just before the report, a sign that investors were more willing to embrace risk and moving money from bonds into stocks.
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.
The rate declined because more people found work, a trend that could have an impact on undecided voters in the final month before the presidential election.
The Labor Department said today that employers added 114,000 jobs in September. The economy also 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 show employers added 146,000 jobs per month from July through September, up from 67,000 in the previous three months. The unemployment rate fell from 8.1 percent in August, matching its level in January 2009 when President Barack Obama took office.
The decline could help Obama, who is coming off a disappointing debate performance against GOP challenger Mitt Romney. The report may be the last to sway voters. The October jobs report will be released only four days before Election Day.
"An overall better-than-expected jobs report, consistent with most recent data that suggest the economy is gaining some momentum," said Sal Guatieri, an economist at BMO Capital Markets, in a note to clients. "The sizeable drop in the unemployment rate could lift the president's re-election chances following a post-debate dip."
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 yield on the 10-year U.S. Treasury note climbed to 1.73 percent from 1.68 percent just before the report, a sign that investors were more willing to embrace risk and moving money from bonds into stocks.
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.
