Jobless Rate Falls to 7.8 Percent

(Newsroom America) -- The unemployment rate fell to 7.8 percent last month hitting a 44-month low, according to government figures released Friday.

The current rate is the first time unemployment has dipped below 8 percent since President Obama took office. Political analysts said Friday the president is likely to use the improved figures on the campaign trail as proof his economic policies are working, especially following what many believe was a poor debate performance against Republican challenger Mitt Romney Wednesday.

The Labor Department said employers added 114,000 jobs in September. Also, the department revised up job creation figures for July and August, saying 86,000 more jobs were created during that period than previously reported. Wages also rose in September as more people began looking for work.

The revisions indicate that employers added 146,000 jobs per month from July through September, up from 67,000 the previous three months.

The jobless rate fell to 8.1 percent in August, matching the level when Obama took office in January 2009.

Wall Street responded modestly to the report. The Dow Jones industrial average futures rose 45 following the report but were already up 30 on the day.

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