Unemployment Rate Magically Falls Below 8% Before Election - First Time Ever in Obama PresidencySubmitted by Peace Gold Love on Fri, 10/05/2012 - 10:13
From the The Government Says It So It Must Be True Department:
WASHINGTON (MarketWatch) — The U.S. created 114,000 new jobs in September and the unemployment rate fell below 8% for the first time since President Barack Obama took office in a potential jolt to the election.
The Labor Department on Friday also revised employment figures for August and July to show somewhat faster job growth in late summer.
Economists surveyed by MarketWatch expected a 110,000 increase in jobs last month, based on the Labor Department’s survey of businesses. Hiring in September was largely in line with Wall Street expectations.
Yet the jobless rate, which is drawn from a separate survey of households, fell sharply after the biggest increase in employment in that report since 1983. Some 873,000 people in the household survey said they found jobs. Read First Take: The jobs report Obama has been waiting for.
U.S. stocks opened higher on Friday after the report’s release.
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