Unemployment drops to 7.8%, one month before the election

The Labor Department reported  the economy added 114,000 net new positions and the unemployment rate fell to 7.8 percent. From CNBC:

The report presented a slew of contradictory data points, with the total employment level soaring despite the low net number.

The falling jobless rate has been a function as much of the continued shrinking in the labor force as it was an increase in new positions.

But the government said the total number of jobs employed surged by 873,000, the highest one-month jump in 29 years.

Economists had been expecting 110,000 more jobs and the rate to rise to 8.2 percent. Last month saw 96,000 new jobs as the rate dropped from 8.3 percent in July.

So, the unemployment rate has dropped in two months from 8.3% to 7.8%, one month prior to the Presidential election. I’ll leave it to you to decide.

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