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US Jobless Rate Falls To 7.8%, 44-Month Low

Applicants wait to enter a job fair on June 11, 2012 in New York City.
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Above: Applicants wait to enter a job fair on June 11, 2012 in New York City.

The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years. The rate fell because more people found work, a trend that could impact the presidential election.

The Labor Department says 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 percent in August, matching its level in January 2009 when President Barack Obama took office.

The decline could help Obama, who is coming off a disappointing debate against Mitt Romney.

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Avatar for user 'CaliforniaDefender'

CaliforniaDefender | October 8, 2012 at 4:29 p.m. ― 4 years, 3 months ago

Somehow a 0.3% decline at the very last second is supposed to help Obama? He's had 4 years to correct the problem and we are no better than we were when he took office. He just stood in place and let 4 years evaporate.

And college students, did you know the unemployment rate for recent grads is now over 50%?

Perhaps that will give you pause when considering to vote for Obama.

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