Unemployment Rate Drops to 7.8%
The unemployment rate unexpectedly dropped to 7.8% in September, the lowest figure since January 2009, the Department of Labor reported Friday.
The decrease is credited to 114,000 new jobs created in September, as well as an upward revision of 86,000 from previously reported July and August estimates.
The Labor Department said the September gains were led by the health care industry, which added 44,000 jobs. Transportation and warehousing also showed large gains. However, many of the jobs were only part time. Those with part-time jobs in September who reported wanting full-time work instead increased by 7.5% to 8.6 million.