Gayle in MD
10-05-2012, 10:59 AM
<span style="color: #990000"> So, naturally, RomneyRyan and other Repiglicans and pundits from the right are already trying to suggest that the numbers were fixed, in spite of the FACT that there have been signs for quite a while, such as rising Home Prices, good and rising numbers in consumer confidence, Americans paying down personal debts, and others, as well, which preceeded these new numbers, and hence, I have included some follow up articles on these new numbers. </span>
<span style='font-size: 14pt'>Jobs Report: U.S. Economy Adds 114,000 Jobs In September; Jobless Rate Down To 7.8 Percent </span>
WASHINGTON -- The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years and giving President Barack Obama a potential boost with the election a month away.
The rate declined from 8.1 percent because the number of people who said they were employed soared by 873,000 - an encouraging sign for an economy that's been struggling to create enough jobs.
The number of unemployed Americans is now 12.1 million, the fewest since January 2009.
The Labor Department said employers added 114,000 jobs in September. It also said the economy created 86,000 more jobs in July and August than the department had initially estimated.
Wages rose 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 7.8 percent unemployment rate for September matches the rate in January 2009, when Obama took office. In the months after Obama's inauguration, the rate rose sharply and had topped 8 percent for 43 straight months.
The decline in the unemployment rate comes at a critical moment for Obama, who is coming off a weak debate performance this week against GOP challenger Mitt Romney.
The September employment report may be the last that might sway undecided voters. The October jobs report will be released only four days before Election Day.
"This is not what a real recovery looks like," Romney said in a statement.
<span style="color: #990000"> BWA HA HA HA! Pri*k! </span>
But Sal Guatieri, an economist at BMO Capital Markets, said the report signals improvement.
"An overall better-than-expected jobs report, consistent with most recent data that suggest the economy is gaining some momentum," Guatieri said in a note to clients. "The sizeable drop in the unemployment rate could lift the president's re-election chances following a post-debate dip."
Labor Secretary Hilda Solis was asked on CNBC about suspicions that the Obama administration might have skewed the jobs numbers to aid Obama's re-election prospects.
"I'm insulted when I hear that because we have a very professional civil service," Solis said. "I have the highest regard for our professionals that do the calculations at the (Bureau of Labor Statistics). They are trained economists."
After the jobs report was released, the Dow Jones industrial average gained 60 points in the first hour of trading. Broader stock indexes also rose.
The yield on the 10-year U.S. Treasury note climbed to 1.73 percent from 1.68 percent just before the report. That suggested that investors were more willing to take on risk and shift money from bonds into stocks.
The job market has been improving, sluggishly but steadily. Jobs have been added for 24 straight months. There are now 325,000 more than when Obama took office.
The number of employed Americans comes from a government survey of 60,000 households that determines the unemployment rate. The government asks a series of questions, by phone or in person. For example:
Do you own a business? Did you work for pay? If not, did you provide unpaid work for a family business or farm? (Those who did are considered employed.)
Afterward, the survey participants are asked whether they had a job and, if so, whether it was full or part time. The government's definition of unemployed is someone who's out of work and has actively looked for a job in the past four weeks.
The government also does a second survey of roughly 140,000 businesses to determine the number of jobs businesses created or lost.
The September job gains were led by the health care industry, which added 44,000 jobs - the most since February. Transportation and warehousing also showed large gains.
The revisions also showed that federal, state and local governments added 63,000 jobs in July and August, compared with earlier estimates that showed losses.
Still, many of the jobs the economy added last month were part time. The number of people with part-time jobs who wanted full-time work rose 7.5 percent to 8.6 million, the most since February 2009.
But overall, Friday's report dispelled some fears about the job market.
The "U.S. could be growing jobs at a marginally faster pace than feared mid-summer," Guy LeBas, a strategist at Janney Capital Markets, wrote in a research note. <span style='font-size: 14pt'>"Even with the issues in Europe and slowing production in China, U.S. economic activity does not look to be bearing the brunt of global downside, at least not anymore."</span>http://www.huffingtonpost.com/2012/10/05/jobs-report-unemployment-rate_n_1942067.html?utm_hp_ref=business
U.S. Labor Secretary Hilda Solis: Jobs Report Conspiracies 'Ludicrous'
WASHINGTON, Oct 5 (Reuters) - U.S. Labor Secretary Hilda Solis, in response to questions from a television anchor casting doubt on the validity of the latest jobless rate figures, said the idea it was manipulated is "ludicrous."
"I'm insulted when I hear that, because we have a very professional civil service organization. These are our best trained and most skilled individuals," she told CNBC.
"It's really ludicrous to hear that kind of statement."
http://www.huffingtonpost.com/2012/10/05...hp_ref=business (http://www.huffingtonpost.com/2012/10/05/jobs-report-conspiracy-hilda-solis_n_1942328.html?utm_hp_ref=business)
<span style='font-size: 14pt'>Obama Better For Economy, Workers And Economists Agree </span>
Workers and economists agree: President Obama is more likely to help the economy than Republican nominee Mitt Romney.
Economists gave Obama's economic plan an average grade of 3.15 on a five-point scale: nearly 50 percent higher than their 2.14 grade of Romney's plan, according to a new survey by The Economist released on Wednesday. The Economist sent its survey to 1,005 economists, and 384 responded.
Romney has touted his business experience as evidence that he knows the best way jumpstart the economy. But like Obama, he doesn't hold an economics degree. Romney has also rejected some of the views of two of his more renowned economic advisers. The two will debate domestic issues, including economic policy, during the first presidential debate on Wednesday night.
About half of the economists surveyed said that Obama understands economics better than Romney, in contrast to the 28 percent of respondents who believed that Romney had a better grasp of the discipline, according to The Economist. In addition, the number of economists that said the economy would grow more quickly under Obama was nearly double the number that said it would grow more quickly under Romney.
Workers are similarly confident in Obama's ability to help the economy. Fifty-one percent of workers say they believe that Obama has a better vision to create jobs than Romney, in contrast to 35 percent that preferred Romney, according to a survey by Glassdoor released Wednesday.
Romney has proposed slashing government spending by roughly 20 percent, but many progressive economists agree that suddenly cutting government spending could spur a recession. Obama, in contrast, has proposed a fiscal stimulus called the American Jobs Act, which economists estimate could create roughly 2 million jobs.
Also on HuffPost:
Loading Slideshow
Wealthy Benefit Most From Tax CutsPaul Ryan's most recent budget proposal would save those making between $20,000 and $30,000 just $246 in taxes, compared to savings of $265,011 for those who make over $1 million, according to analysis from the <a href="http://www.washingtonpost.com/business/economy/2012/04/02/gIQAjn0grS_graphic.html" target="_hplink">Center on Budget and Policy Priorities</a>.
Health Care CutsThe "Path to Prosperity" would cut $2.4 trillion from Medicaid and other health care programs for people with low or moderate incomes, according to analysis from the <a href="http://www.washingtonpost.com/business/economy/2012/04/02/gIQAjn0grS_graphic.html" target="_hplink">Center on Budget and Policy Priorities</a>.
Fewer People Covered By MedicaidUnder Ryan's "Path to Prosperity" as many as 44 million fewer people would be covered under Medicaid, <a href="http://www.cbsnews.com/video/watch/?id=7417870n" target="_hplink">according to CBS News</a>.
Reduced Health Care For RetireesRyan would raise the age of Medicare eligibility from 65 to 67. If the Affordable Care Act was repealed, something Romney has pledged, that means many 65- and 66-year-olds would be left uninsured, the <a href="http://mediamatters.org/research/2012/08/11/seven-things-the-media-needs-to-know-about-paul/189277" target="_hplink">CBPP reports</a>.
Seniors Would Pay More For Health CoverageUnder Ryan's "Path to Prosperity," senior citizens would have to pay as much as 68 percent of their health care coverage, up from 25 percent today, <a href="http://www.cbsnews.com/video/watch/?id=7417870n" target="_hplink">CBS News reports.</a>
Cuts To Food Stamp ProgramsRyan's proposed "Path to Prosperity" includes $134 billion in cuts to SNAP, according to analysis from the <a href="http://www.washingtonpost.com/business/economy/2012/04/02/gIQAjn0grS_graphic.html" target="_hplink">Center on Budget and Policy Priorities</a>.
Lower Tax Credit For Single Moms
A single mother of two working full time at the minimum wage would have her Child Tax Credit cut by more than $1,500, assuming she made $14,500 a year, according to the <a href="http://mediamatters.org/research/2012/08/11/seven-things-the-media-needs-to-know-about-paul/189277" target="_hplink">Center on Budget and Policy Priorities</a>.
Less Money For Education Compared to the most recent White House budget proposal, Ryan's budget spends 33 percent less on education, training, employment and social services, <a href="http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/08/12/what-paul-ryans-budget-actually-cuts-and-by-how-much/" target="_hplink">the <em>Washington Post</em> reports</a>.
Poor Weather Forecasts
Ryan's proposed cuts to environment and natural resource programs could result in weather forecasts being only half as accurate, according to Third Way's budget expert, David Kendall. "For many people planning a weekend outdoors, they may have to wait until Thursday for a forecast as accurate as one they now get on Monday," <a href="http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/08/12/what-paul-ryans-budget-actually-cuts-and-by-how-much/" target="_hplink">he's quoted as saying in the <em>Washington Post</em></a>.
No Raises For Government Workers
The current government worker pay freeze would be extended under the "Path to Prosperity," meaning public-sector employees wouldn't get a raise until at least 2015,
<a href="http://www.washingtonpost.com/blogs/federal-eye/post/paul-ryans-budget-plan-hits-federal-workers/2012/08/11/8953b832-e3a3-11e1-98e7-89d659f9c106_blog.html" target="_hplink">the <em>Washington Post</em> reports</a>.
What Paul Ryan Doesn't Want You To Know About His Budget
1*of*11
http://www.huffingtonpost.com/2012/10/03/obama-economy_n_1936522.html?utm_hp_ref=business
Jobs Report: U.S. Economy Adds 114,000 Jobs In September; Jobless Rate Down To 7.8 Percent
WASHINGTON -- The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years and giving President Barack Obama a potential boost with the election a month away.
The rate declined from 8.1 percent because the number of people who said they were employed soared by 873,000 - an encouraging sign for an economy that's been struggling to create enough jobs.
(SCROLL DOWN FOR MORE UPDATES)
The number of unemployed Americans is now 12.1 million, the fewest since January 2009.
The Labor Department said employers added 114,000 jobs in September. It also said the economy created 86,000 more jobs in July and August than the department had initially estimated.
Wages rose 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 7.8 percent unemployment rate for September matches the rate in January 2009, when Obama took office. In the months after Obama's inauguration, the rate rose sharply and had topped 8 percent for 43 straight months.
The decline in the unemployment rate comes at a critical moment for Obama, who is coming off a weak debate performance this week against GOP challenger Mitt Romney.
The September employment report may be the last that might sway undecided voters. The October jobs report will be released only four days before Election Day.
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Romney released a statement that focused on the job figures, which declined in September from August. He also noted that manufacturing has lost 600,000 jobs since Obama took office.
"This is not what a real recovery looks like," Romney said in a statement.
But Sal Guatieri, an economist at BMO Capital Markets, said the report signals improvement.
"An overall better-than-expected jobs report, consistent with most recent data that suggest the economy is gaining some momentum," Guatieri said in a note to clients. "The sizeable drop in the unemployment rate could lift the president's re-election chances following a post-debate dip."
Labor Secretary Hilda Solis was asked on CNBC about suspicions that the Obama administration might have skewed the jobs numbers to aid Obama's re-election prospects.
"I'm insulted when I hear that because we have a very professional civil service," Solis said. "I have the highest regard for our professionals that do the calculations at the (Bureau of Labor Statistics). They are trained economists."
After the jobs report was released, the Dow Jones industrial average gained 60 points in the first hour of trading. Broader stock indexes also rose.
The yield on the 10-year U.S. Treasury note climbed to 1.73 percent from 1.68 percent just before the report. That suggested that investors were more willing to take on risk and shift money from bonds into stocks.
The job market has been improving, sluggishly but steadily. Jobs have been added for 24 straight months. There are now 325,000 more than when Obama took office.
The number of employed Americans comes from a government survey of 60,000 households that determines the unemployment rate. The government asks a series of questions, by phone or in person. For example:
Do you own a business? Did you work for pay? If not, did you provide unpaid work for a family business or farm? (Those who did are considered employed.)
Afterward, the survey participants are asked whether they had a job and, if so, whether it was full or part time. The government's definition of unemployed is someone who's out of work and has actively looked for a job in the past four weeks.
The government also does a second survey of roughly 140,000 businesses to determine the number of jobs businesses created or lost.
The September job gains were led by the health care industry, which added 44,000 jobs - the most since February. Transportation and warehousing also showed large gains.
The revisions also showed that federal, state and local governments added 63,000 jobs in July and August, compared with earlier estimates that showed losses.
Still, many of the jobs the economy added last month were part time. The number of people with part-time jobs who wanted full-time work rose 7.5 percent to 8.6 million, the most since February 2009.
But overall, Friday's report dispelled some fears about the job market.
The "U.S. could be growing jobs at a marginally faster pace than feared mid-summer," Guy LeBas, a strategist at Janney Capital Markets, wrote in a research note. "Even with the issues in Europe and slowing production in China, U.S. economic activity does not look to be bearing the brunt of global downside, at least not anymore."
http://www.huffingtonpost.com/2012/10/05...hp_ref=business (http://www.huffingtonpost.com/2012/10/05/jobs-report-unemployment-rate_n_1942067.html?utm_hp_ref=business)
U.S. Labor Secretary Hilda Solis: Jobs Report Conspiracies 'Ludicrous'
WASHINGTON, Oct 5 (Reuters) - U.S. Labor Secretary Hilda Solis, in response to questions from a television anchor casting doubt on the validity of the latest jobless rate figures, said the idea it was manipulated is "ludicrous."
"I'm insulted when I hear that, because we have a very professional civil service organization. These are our best trained and most skilled individuals," she told CNBC.
"It's really ludicrous to hear that kind of statement."
http://www.huffingtonpost.com/2012/10/05...hp_ref=business (http://www.huffingtonpost.com/2012/10/05/jobs-report-conspiracy-hilda-solis_n_1942328.html?utm_hp_ref=business)
<span style='font-size: 14pt'>Jobs Report: U.S. Economy Adds 114,000 Jobs In September; Jobless Rate Down To 7.8 Percent </span>
WASHINGTON -- The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years and giving President Barack Obama a potential boost with the election a month away.
The rate declined from 8.1 percent because the number of people who said they were employed soared by 873,000 - an encouraging sign for an economy that's been struggling to create enough jobs.
The number of unemployed Americans is now 12.1 million, the fewest since January 2009.
The Labor Department said employers added 114,000 jobs in September. It also said the economy created 86,000 more jobs in July and August than the department had initially estimated.
Wages rose 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 7.8 percent unemployment rate for September matches the rate in January 2009, when Obama took office. In the months after Obama's inauguration, the rate rose sharply and had topped 8 percent for 43 straight months.
The decline in the unemployment rate comes at a critical moment for Obama, who is coming off a weak debate performance this week against GOP challenger Mitt Romney.
The September employment report may be the last that might sway undecided voters. The October jobs report will be released only four days before Election Day.
"This is not what a real recovery looks like," Romney said in a statement.
<span style="color: #990000"> BWA HA HA HA! Pri*k! </span>
But Sal Guatieri, an economist at BMO Capital Markets, said the report signals improvement.
"An overall better-than-expected jobs report, consistent with most recent data that suggest the economy is gaining some momentum," Guatieri said in a note to clients. "The sizeable drop in the unemployment rate could lift the president's re-election chances following a post-debate dip."
Labor Secretary Hilda Solis was asked on CNBC about suspicions that the Obama administration might have skewed the jobs numbers to aid Obama's re-election prospects.
"I'm insulted when I hear that because we have a very professional civil service," Solis said. "I have the highest regard for our professionals that do the calculations at the (Bureau of Labor Statistics). They are trained economists."
After the jobs report was released, the Dow Jones industrial average gained 60 points in the first hour of trading. Broader stock indexes also rose.
The yield on the 10-year U.S. Treasury note climbed to 1.73 percent from 1.68 percent just before the report. That suggested that investors were more willing to take on risk and shift money from bonds into stocks.
The job market has been improving, sluggishly but steadily. Jobs have been added for 24 straight months. There are now 325,000 more than when Obama took office.
The number of employed Americans comes from a government survey of 60,000 households that determines the unemployment rate. The government asks a series of questions, by phone or in person. For example:
Do you own a business? Did you work for pay? If not, did you provide unpaid work for a family business or farm? (Those who did are considered employed.)
Afterward, the survey participants are asked whether they had a job and, if so, whether it was full or part time. The government's definition of unemployed is someone who's out of work and has actively looked for a job in the past four weeks.
The government also does a second survey of roughly 140,000 businesses to determine the number of jobs businesses created or lost.
The September job gains were led by the health care industry, which added 44,000 jobs - the most since February. Transportation and warehousing also showed large gains.
The revisions also showed that federal, state and local governments added 63,000 jobs in July and August, compared with earlier estimates that showed losses.
Still, many of the jobs the economy added last month were part time. The number of people with part-time jobs who wanted full-time work rose 7.5 percent to 8.6 million, the most since February 2009.
But overall, Friday's report dispelled some fears about the job market.
The "U.S. could be growing jobs at a marginally faster pace than feared mid-summer," Guy LeBas, a strategist at Janney Capital Markets, wrote in a research note. <span style='font-size: 14pt'>"Even with the issues in Europe and slowing production in China, U.S. economic activity does not look to be bearing the brunt of global downside, at least not anymore."</span>http://www.huffingtonpost.com/2012/10/05/jobs-report-unemployment-rate_n_1942067.html?utm_hp_ref=business
U.S. Labor Secretary Hilda Solis: Jobs Report Conspiracies 'Ludicrous'
WASHINGTON, Oct 5 (Reuters) - U.S. Labor Secretary Hilda Solis, in response to questions from a television anchor casting doubt on the validity of the latest jobless rate figures, said the idea it was manipulated is "ludicrous."
"I'm insulted when I hear that, because we have a very professional civil service organization. These are our best trained and most skilled individuals," she told CNBC.
"It's really ludicrous to hear that kind of statement."
http://www.huffingtonpost.com/2012/10/05...hp_ref=business (http://www.huffingtonpost.com/2012/10/05/jobs-report-conspiracy-hilda-solis_n_1942328.html?utm_hp_ref=business)
<span style='font-size: 14pt'>Obama Better For Economy, Workers And Economists Agree </span>
Workers and economists agree: President Obama is more likely to help the economy than Republican nominee Mitt Romney.
Economists gave Obama's economic plan an average grade of 3.15 on a five-point scale: nearly 50 percent higher than their 2.14 grade of Romney's plan, according to a new survey by The Economist released on Wednesday. The Economist sent its survey to 1,005 economists, and 384 responded.
Romney has touted his business experience as evidence that he knows the best way jumpstart the economy. But like Obama, he doesn't hold an economics degree. Romney has also rejected some of the views of two of his more renowned economic advisers. The two will debate domestic issues, including economic policy, during the first presidential debate on Wednesday night.
About half of the economists surveyed said that Obama understands economics better than Romney, in contrast to the 28 percent of respondents who believed that Romney had a better grasp of the discipline, according to The Economist. In addition, the number of economists that said the economy would grow more quickly under Obama was nearly double the number that said it would grow more quickly under Romney.
Workers are similarly confident in Obama's ability to help the economy. Fifty-one percent of workers say they believe that Obama has a better vision to create jobs than Romney, in contrast to 35 percent that preferred Romney, according to a survey by Glassdoor released Wednesday.
Romney has proposed slashing government spending by roughly 20 percent, but many progressive economists agree that suddenly cutting government spending could spur a recession. Obama, in contrast, has proposed a fiscal stimulus called the American Jobs Act, which economists estimate could create roughly 2 million jobs.
Also on HuffPost:
Loading Slideshow
Wealthy Benefit Most From Tax CutsPaul Ryan's most recent budget proposal would save those making between $20,000 and $30,000 just $246 in taxes, compared to savings of $265,011 for those who make over $1 million, according to analysis from the <a href="http://www.washingtonpost.com/business/economy/2012/04/02/gIQAjn0grS_graphic.html" target="_hplink">Center on Budget and Policy Priorities</a>.
Health Care CutsThe "Path to Prosperity" would cut $2.4 trillion from Medicaid and other health care programs for people with low or moderate incomes, according to analysis from the <a href="http://www.washingtonpost.com/business/economy/2012/04/02/gIQAjn0grS_graphic.html" target="_hplink">Center on Budget and Policy Priorities</a>.
Fewer People Covered By MedicaidUnder Ryan's "Path to Prosperity" as many as 44 million fewer people would be covered under Medicaid, <a href="http://www.cbsnews.com/video/watch/?id=7417870n" target="_hplink">according to CBS News</a>.
Reduced Health Care For RetireesRyan would raise the age of Medicare eligibility from 65 to 67. If the Affordable Care Act was repealed, something Romney has pledged, that means many 65- and 66-year-olds would be left uninsured, the <a href="http://mediamatters.org/research/2012/08/11/seven-things-the-media-needs-to-know-about-paul/189277" target="_hplink">CBPP reports</a>.
Seniors Would Pay More For Health CoverageUnder Ryan's "Path to Prosperity," senior citizens would have to pay as much as 68 percent of their health care coverage, up from 25 percent today, <a href="http://www.cbsnews.com/video/watch/?id=7417870n" target="_hplink">CBS News reports.</a>
Cuts To Food Stamp ProgramsRyan's proposed "Path to Prosperity" includes $134 billion in cuts to SNAP, according to analysis from the <a href="http://www.washingtonpost.com/business/economy/2012/04/02/gIQAjn0grS_graphic.html" target="_hplink">Center on Budget and Policy Priorities</a>.
Lower Tax Credit For Single Moms
A single mother of two working full time at the minimum wage would have her Child Tax Credit cut by more than $1,500, assuming she made $14,500 a year, according to the <a href="http://mediamatters.org/research/2012/08/11/seven-things-the-media-needs-to-know-about-paul/189277" target="_hplink">Center on Budget and Policy Priorities</a>.
Less Money For Education Compared to the most recent White House budget proposal, Ryan's budget spends 33 percent less on education, training, employment and social services, <a href="http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/08/12/what-paul-ryans-budget-actually-cuts-and-by-how-much/" target="_hplink">the <em>Washington Post</em> reports</a>.
Poor Weather Forecasts
Ryan's proposed cuts to environment and natural resource programs could result in weather forecasts being only half as accurate, according to Third Way's budget expert, David Kendall. "For many people planning a weekend outdoors, they may have to wait until Thursday for a forecast as accurate as one they now get on Monday," <a href="http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/08/12/what-paul-ryans-budget-actually-cuts-and-by-how-much/" target="_hplink">he's quoted as saying in the <em>Washington Post</em></a>.
No Raises For Government Workers
The current government worker pay freeze would be extended under the "Path to Prosperity," meaning public-sector employees wouldn't get a raise until at least 2015,
<a href="http://www.washingtonpost.com/blogs/federal-eye/post/paul-ryans-budget-plan-hits-federal-workers/2012/08/11/8953b832-e3a3-11e1-98e7-89d659f9c106_blog.html" target="_hplink">the <em>Washington Post</em> reports</a>.
What Paul Ryan Doesn't Want You To Know About His Budget
1*of*11
http://www.huffingtonpost.com/2012/10/03/obama-economy_n_1936522.html?utm_hp_ref=business
Jobs Report: U.S. Economy Adds 114,000 Jobs In September; Jobless Rate Down To 7.8 Percent
WASHINGTON -- The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years and giving President Barack Obama a potential boost with the election a month away.
The rate declined from 8.1 percent because the number of people who said they were employed soared by 873,000 - an encouraging sign for an economy that's been struggling to create enough jobs.
(SCROLL DOWN FOR MORE UPDATES)
The number of unemployed Americans is now 12.1 million, the fewest since January 2009.
The Labor Department said employers added 114,000 jobs in September. It also said the economy created 86,000 more jobs in July and August than the department had initially estimated.
Wages rose 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 7.8 percent unemployment rate for September matches the rate in January 2009, when Obama took office. In the months after Obama's inauguration, the rate rose sharply and had topped 8 percent for 43 straight months.
The decline in the unemployment rate comes at a critical moment for Obama, who is coming off a weak debate performance this week against GOP challenger Mitt Romney.
The September employment report may be the last that might sway undecided voters. The October jobs report will be released only four days before Election Day.
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Romney released a statement that focused on the job figures, which declined in September from August. He also noted that manufacturing has lost 600,000 jobs since Obama took office.
"This is not what a real recovery looks like," Romney said in a statement.
But Sal Guatieri, an economist at BMO Capital Markets, said the report signals improvement.
"An overall better-than-expected jobs report, consistent with most recent data that suggest the economy is gaining some momentum," Guatieri said in a note to clients. "The sizeable drop in the unemployment rate could lift the president's re-election chances following a post-debate dip."
Labor Secretary Hilda Solis was asked on CNBC about suspicions that the Obama administration might have skewed the jobs numbers to aid Obama's re-election prospects.
"I'm insulted when I hear that because we have a very professional civil service," Solis said. "I have the highest regard for our professionals that do the calculations at the (Bureau of Labor Statistics). They are trained economists."
After the jobs report was released, the Dow Jones industrial average gained 60 points in the first hour of trading. Broader stock indexes also rose.
The yield on the 10-year U.S. Treasury note climbed to 1.73 percent from 1.68 percent just before the report. That suggested that investors were more willing to take on risk and shift money from bonds into stocks.
The job market has been improving, sluggishly but steadily. Jobs have been added for 24 straight months. There are now 325,000 more than when Obama took office.
The number of employed Americans comes from a government survey of 60,000 households that determines the unemployment rate. The government asks a series of questions, by phone or in person. For example:
Do you own a business? Did you work for pay? If not, did you provide unpaid work for a family business or farm? (Those who did are considered employed.)
Afterward, the survey participants are asked whether they had a job and, if so, whether it was full or part time. The government's definition of unemployed is someone who's out of work and has actively looked for a job in the past four weeks.
The government also does a second survey of roughly 140,000 businesses to determine the number of jobs businesses created or lost.
The September job gains were led by the health care industry, which added 44,000 jobs - the most since February. Transportation and warehousing also showed large gains.
The revisions also showed that federal, state and local governments added 63,000 jobs in July and August, compared with earlier estimates that showed losses.
Still, many of the jobs the economy added last month were part time. The number of people with part-time jobs who wanted full-time work rose 7.5 percent to 8.6 million, the most since February 2009.
But overall, Friday's report dispelled some fears about the job market.
The "U.S. could be growing jobs at a marginally faster pace than feared mid-summer," Guy LeBas, a strategist at Janney Capital Markets, wrote in a research note. "Even with the issues in Europe and slowing production in China, U.S. economic activity does not look to be bearing the brunt of global downside, at least not anymore."
http://www.huffingtonpost.com/2012/10/05...hp_ref=business (http://www.huffingtonpost.com/2012/10/05/jobs-report-unemployment-rate_n_1942067.html?utm_hp_ref=business)
U.S. Labor Secretary Hilda Solis: Jobs Report Conspiracies 'Ludicrous'
WASHINGTON, Oct 5 (Reuters) - U.S. Labor Secretary Hilda Solis, in response to questions from a television anchor casting doubt on the validity of the latest jobless rate figures, said the idea it was manipulated is "ludicrous."
"I'm insulted when I hear that, because we have a very professional civil service organization. These are our best trained and most skilled individuals," she told CNBC.
"It's really ludicrous to hear that kind of statement."
http://www.huffingtonpost.com/2012/10/05...hp_ref=business (http://www.huffingtonpost.com/2012/10/05/jobs-report-conspiracy-hilda-solis_n_1942328.html?utm_hp_ref=business)