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Unemployment falls in September

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The U.S. unemployment rate decreased to 7.8 percent in September from 8.1 percent in August as U.S. employers added 114,000 jobs, according to The Washington Post. This marks the first time in nearly four years the unemployment rate has dropped below 8 percent.

Additionally, the economy created 86,000 more jobs in July and August than previously estimated. The revisions show employers added 146,000 jobs per month from July through September compared with 67,000 per month during the previous three months.

The unemployment rate reportedly fell because more people found work. However, many of the jobs added were part-time jobs, and the number of people with part-time jobs who wanted full-time jobs increased 7.5 percent to 8.6 million.

In September, the health care sector added 44,000 jobs; transportation and warehousing sector added 17,000 jobs; and financial services sector added 13,000 jobs. The manufacturing sector lost 16,000 jobs. The construction, leisure and hospitality, professional and business services, retail, government and mining sectors basically were unchanged.

There currently are 12.1 million unemployed people in the U.S.


10/5/2012

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