The unemployment rate fell to 7.8 percent Friday, dropping below 8 percent for the first time in nearly four years, according to the Bureau of Labor Statistics. The economy added 114,000 jobs.
The number of workers involuntarily working part-time due to economic reasons rose in September to 8.6 million, from 8 million in August.
“These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job,” the BLS wrote in a release.
“Economists were expecting 113,000 more jobs and the rate to rise to 8.2 percent. Last month saw 142,000 new jobs as the rate dropped from 8.3 percent in July,” CNBC reported.
But the drop in the unemployment rate belies the number of people who are underemployed or have stopped looking for work.
“The U-6 unemployment number, which accounts for the underemployed and those who have given up looking for jobs, held steady at 14.7 percent,” CNBC noted.
While President Obama may have found himself floundering after his weak debate performance, the drop in unemployment rate may provide a boost to his campaign.
Read more: http://dailycaller.com/2012/10/05/unemployment-rate-drops-to-7-8-despite-weak-hiring/#ixzz28ZEhoeTj
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