WASHINGTON (WKOW) -- The U.S. unemployment rate falls below 8 percent for the first time in nearly four years. Experts had predicted an increase.
The Labor Department released the numbers Friday morning. September's rate fell to 7.8 percent, mostly because more people found work. It's a trend that could affect the presidential election.
The Labor Department says employers added 114,000 jobs last month. The economy also created 86,000 more jobs in July and August than first estimated. Wages went up 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.
WASHINGTON (WKOW) -- September's job numbers come out Friday.
Experts doing some forecasting ahead of September's employment figures from the government are expecting improved job creation, but a slight worsening of the unemployment rate. A survey of economists by FactSet finds that with a month to go until the presidential election, they're predicting 111,000 jobs added and an 8.2 percent unemployment rate compared 8.1 percent in August.
An increase in the unemployment rate could add momentum to Mitt Romney's campaign to unseat President Barack Obama. Jobs and the economy are central issues and no incumbent since Franklin Roosevelt has faced re-election with unemployment so high.
August's 8.1 rate was up from 7.8 percent when Obama took office in January 2009. Still, the job market has been improving, sluggishly but steadily. Jobs have been added for 23 straight months. There are now 125,00 more than when Obama took office.
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