Jobs GroWhat Rises 114,000 as Rate Slides to 7.8 PercentSubmitted by emalvini on Fri, 10/05/2012 - 09:25
Jobs Growth Rises 114,000 as Rate Slides to 7.8 Percent
Published: Friday, 5 Oct 2012
8:58 AM ET
By: Jeff Cox
CNBC.com Senior Writer
Job growth remained tame in September, with the economy creating just 114,000 net new positions though the unemployment rate fell to 7.8 percent, the first time it has been below 8 percent in 43 months.
The report presented a slew of contradictory data points, with the total employment level soaring despite the low net number.
The falling jobless rate had been a function as much of the continued shrinking in the labor force as it was an increase in new positions.
But the government said the total number of jobs employed surged by 873,000, the highest one-month jump in 29 years. The total of unemployed people tumbled by 456,000.
Read more: http://www.cnbc.com/id/49299718