Way to go Barry O!
New Report Shows 114,000 Added, Unemployment Down To 7.8%
With job creation at the center of the U.S. presidential race a month ahead of Election Day, the Labor Department reported Friday that U.S. employers added 114,000 jobs in September and the unemployment rate unexpectedly fell to 7.8 percent, the first time the rate dropped below 8 percent in three years.
Harry Holzer, public policy professor at Georgetown University, said Friday’s report had “some bright spots” after months of stagnant or deteriorating unemployment numbers.
This time, the improvement was not due to people dropping out of the workforce but “actually reflects a substantial increase in employment,” Holzer said.
Economists expected about 113,000 jobs to be added, according to Bloomberg. Job additions have lagged behind expectations for the past six months as the unemployment rate had stayed above 8 percent for 43 months in a row. This marks the first time the jobless rate has fallen below 8 percent since January 2009.
The report goes on to say…
August’s unemployment rate had fallen to 8.1 percent, driven by people who are dropping out of the labor force. However, in Friday’s report, the Labor Department revised upward its figures for July and August. Employers had actually added 142,000 jobs in August, revised up from the 96,000 jobs announced last month. July’s figures were revised upward to 181,000 jobs added from 141,000.
The three-month average of jobs added in the third quarter was better than many analysts had predicted at 145,000, Holzer said.
However, Holzer, author of the book “Where Are All the Good Jobs Going,” said that without a major surprise, he didn’t expect Friday’s unemployment figures to sway voters.
“People have made up their minds that it’s a tepid recovery and a difficult situation while it’s not at all clear that a challenger will provide a better alternative,” Holzer said.
He said many people see the “performance of a president who hasn’t been that great and a challenger who may be riskier.”
Does this new jobs report change who you will vote for next month? Do you feel that a change in President will neagtively affect the current job growth??
Image via YouTube
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