Posted by: youngragingbull | October 5, 2012

U.S. Job Report

The U.S. Labor Department reported Friday that the country’s unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years.

According to the jobs report, employers added 114,000 jobs in September. The economy also created 86,000 more jobs in July and August than first 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 unemployment rate fell from 8.1 per cent in August, matching its level in January 2009 when President Barack Obama took office.

The September 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 showed that governments actually added 63,000 jobs in July and August, compared with earlier estimates that showed losses.

Still, many of the jobs 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.

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