Greatest monthly employment gain since 1983!

The unemployment rate dropped to a near four-year low of 7.8 percent in September, a potential boost to President Barack Obama’s re-election bid.

The Labor Department said on Friday the unemployment rate, a key focus in the race for the White House, dropped by 0.3 percentage point to its lowest point since January 2009.

A survey of households from which the jobless rate is derived showed 873,000 job gains last month, the most since June 1983. The drop in unemployment came even as Americans come back into the labor force to resume the hunt for work. The workforce had shrank in the prior two months.

The household survey is volatile. A survey of business establishments showed employers added 114,000 jobs to their payrolls last month, a touch above economists’ expectations for 113,000 jobs. Employment for July and August was revised to show 86,000 more jobs created than previous reported…

The central bank, which also pledged to keep overnight lending rates near zero until at least mid-2015, hopes the purchases drive down long-term borrowing costs and spur the recovery.

The Fed’s ultra-easy stance has started to free up credit, giving a lift to consumers, economists said. That, in turn, helped lift retail hiring in September…

There will be lots of details, today – even more discussion of the details. The Party-formerly-known-as-Republican will have to decide which of several lies will suit their party line: federal statistics wrong, ADP numbers from earlier in the week must be wrong, the sky is falling?

Good news for working people always seems to upset rightwing pundits and politicians. Think about that sometime.

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3 comments

  1. keaneo

    I may as well add a comment here I’ve made elsewhere.

    Ideologues who whine about how the numbers must be fixed – the month they don’t support cut-and-paste economics – are self-deluded. The sort of number fiddling whined about has been in place since Nixon. Tiny tweaks aren’t appreciable even if they satisfy some wonk for a month.

    The Bureau of Labor Statistics has never been pliable, governed dramatically by the party in power. Just like the CBO. So, don’t waste too much time and blather if the jobs numbers offend your analysis. Consider what additional aid and comfort you might offer people still out of a job – instead of being upset that a few extra people found work in the last month.

  2. eideard

    Simply amazing is Romney’s bald-faced lie in response to the numbers, today. Everywhere he’s appearing, this compulsive liar says the numbers look good because people are giving up on the job hunt.

    Well, the report examines that statistic and notes, in fact, there was an increase in the number of job seekers. And still the rate dropped.

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