Jobs Report: Unemployment Rate Falls to 7.8%
After a string of disappointing reports over the summer, the September jobs report shows unemployment is down to its lowest rate since 2009.
The national umeployment rate fell to 7.8% and the U.S. economy added 114,000 jobs in September, the Department of Labor announced Friday morning.
The report revealed that unemployment dropped because more people found jobs--not because of a drop in the size of the labor force, which was the case in August.
According to the report, unemployment fell in September despite 418,000 people entering the civilian labor force. Total employment rose 873,000 jobs for the month.
At 7.8%, unemployment is at its lowest rate since January 2009, when President Obama took office, Bloomberg reports.
The industries with the greatest job gains were health care--which added 44,000 jobs--and transportation, which saw jobs increase by 17,100. Manufacturing lost 16,000 jobs.
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