National Unemployment Rate Drops to 4 Year Low - KTVN Channel 2 - Reno Tahoe News Weather, Video -

National Unemployment Rate Drops to 4 Year Low

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The U.S. unemployment rate fell to 7.8% last month, dropping below 8% 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% 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. (AP)

Nevada Senator Harry Reid released the following statement on the September employment report:

"We still have a lot of work to do, but with unemployment dropping below 8 percent to the lowest level in four years, our economy is on the right track. The unemployment rate fell even after more than four hundred thousand people entered the workforce. There are still far too many people looking for work in Nevada and across the nation, but today's report shows that the balanced policies advanced by President Obama and Democrats in the House and Senate are working to move our economy forward.

"We could be moving even faster if Republicans would drop their knee-jerk obstruction and work with Democrats. My counterpart, Senator McConnell, said that his ‘single most important' goal was defeating President Obama, not working to create jobs or grow the middle class. It's time for Republicans to put politics aside, and put the middle class first."

 

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