News / USA

US Jobless Rate Dips to 7.8 Percent

US Unemployment Falls to 7.8 Percenti
|| 0:00:00
X
Mil Arcega
October 06, 2012 12:52 AM
The U.S. unemployment rate unexpectedly fell to 7.8 percent in September, the first time it has dipped below 8 percent in 44 months. Despite only modest gains last month, revisions to the Labor Department's job numbers in July and August show the economy added more jobs than were initially reported. The key government report comes just one month ahead of presidential elections that could hinge on the economy. But as Mil Arcega reports, some say the job numbers don't tell the whole story.

US Unemployment Falls to 7.8 Percent

VOA News
The U.S. jobless rate fell to 7.8 percent in September, the first time in 44 months it had dipped below the 8-percent level.

In a key government report, one month ahead of the country's presidential election, the U.S. said Friday the country's labor market added 114,000 jobs last month. It also revised the estimate for new hiring in July and August sharply upward, saying the economy added 86,000 more jobs than initially calculated.

The August unemployment rate had been pegged at 8.1 percent, and some economists predicted it would edge even higher in September. The U.S. Labor Department said the figure dropped because employers added more part-time workers last month.

The state of the American economy, the world's largest, is at the center of the political campaign for the November 6 election. President Barack Obama, the Democratic incumbent, and his Republican challenger, wealthy businessman Mitt Romney, sparred repeatedly in their debate this week about who could boost job growth more during the next four years.

Romney called the latest jobs report "not what a real recovery looks like." Obama noted that the jobless rate is now at its lowest point since he took office. Obama said economic challenges remain, but criticized Republican attempts to downplay the favorable report.
US unemployment graphi F1 US unemployment
"But today's news certainly is not an excuse to talk down the economy to score a few political points. It's a reminder that this country has come too far to turn back now," Obama said.

Since World War II, no U.S. president has been re-elected to a second term with a national jobless rate above 7.4 percent.

Romney says that if he is elected his economic program will produce 12 million new jobs.  Obama points to the 5.2 million new jobs that he says have been added to the economy in the last two and a half years.  A recent government reassessment of hiring showed there has been a modest net gain of jobs during his White House tenure, after millions were lost in the early months of his term.

More than 12 million workers remain unemployed, with millions more working at part-time jobs or employed in ones they consider beneath their skill level. But the government said the number of jobless workers dropped by 465,000 in September.

The United States has struggled to recover from its steep economic downturn in 2008 and 2009, the worst recession in the country since the Great Depression in the 1930s. In the government's most recent accounting, the U.S. economy advanced a meager 1.3 percent in the April-to-June period.

The country's central bank has kept its key benchmark borrowing rate at near zero percent for an extended period. But several attempts by the Federal Reserve to boost the economy through purchase of government and real estate-related securities seem to have had a limited effect on advancing the recovery.

Some information for this report was provided by AFP and Reuters.

You May Like

At International AIDS Conference One Goal, Many Paths

The 12,000 delegates attending 20th International AIDS Conference in Melbourne have vastly different visions about how to eradicate disease More

Disasters May Doom Malaysia’s Flag Carrier

Even before loss of two jets loaded with passengers on international flights, company had been operating in red for three years, accumulating deficit of $1.3 billion More

Afghan Presidential Vote Audit Continues Despite Glitches

Process has been marred by walkouts by representatives of two competing candidates, Abdullah Abdullah and Ashraf Ghani More

This forum has been closed.
Comment Sorting
Comments
     
by: Godwin from: Nigeria
October 06, 2012 9:39 AM
Revised sharply upward, added 86,000 jobs in retrospect, hmn? What an economy! How many people have been penalized for that false reporting for July and August job performance? I bet no one. This America sef! They will do anything in the name of democracy to force in someone on the people just because he belongs. Well anyway, the unemployment remains a dismal 7.8% which is not a favorable number. Obama is at his wits end in this matter, believe it or not. I believe he's made his mark as the first blackman to rule America, but his effort has not yielded the much desired result, and he's not been able to match his words with action because, like it or not, his connection has not been able to link him with what it takes to succeed at the job. Shouting eureka at 7.8% unemployment does look like you're out of the woods, really? Not yet. Let someone else try.


by: NVO from: USA
October 05, 2012 12:21 PM
The media is controlled by the Rockefeller family! People, WAKE UP! The media will only tell you what you think you should hear, because they, again, are controlled by NEW WORLD ORDER proponents!!

In Response

by: Godwin from: Nigeria
October 06, 2012 9:46 AM
"The media will only tell you what they want you to hear", that's the whole truth, and that's why opinions that do not favor the candidate of their choice hardly get published. Thanks NVO (USA), your contribution is pretty revealing.


by: Jillian Galloway from: local
October 05, 2012 10:01 AM
If we're really interested in creating jobs and protecting children then we should legalize marijuana like beer and wine. American taxpayers are being forced to pay $40 Billion a year for a prohibition that causes 10,000 brutal murders & 800,000 needless arrests each year, but which doesn't even stop CHILDREN getting marijuana.

After seventy-five years of prohibition, it's obvious that the federal marijuana prohibition causes FAR more harm than good and must END! Drug Dealers Don't Card, Supermarkets Do.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Nature of Space Exploration Enters New Agei
X
Elizabeth Lee
July 20, 2014 2:36 AM
Forty-five years ago this month, the first humans walked on the moon. It was during an era of the space race between the United States and the Soviet Union. World politics have changed since then and -- as Elizabeth Lee reports -- so has the nature of space exploration.
Video

Video Nature of Space Exploration Enters New Age

Forty-five years ago this month, the first humans walked on the moon. It was during an era of the space race between the United States and the Soviet Union. World politics have changed since then and -- as Elizabeth Lee reports -- so has the nature of space exploration.
Video

Video Chicago’s Argonne Lab Developing Battery of the Future

In 2012, the U.S. Department of Energy’s Office of Science awarded a $120 million grant to a new technology center focused on battery development - headquartered at Argonne National Laboratory in suburban Chicago, Illinois. As VOA’s Kane Farabaugh reports, there scientists are making the next technological breakthroughs in energy storage.
Video

Video In NW Pakistan, Army Offensive Causes Massive Number of Displaced

Pakistan’s army offensive in North Waziristan has resulted in the large-scale displacement of the local population. VOA's Ayaz Gul reports from northwest Pakistan where authorities say around 80 percent of the estimated 1 million internally displaced persons [IDPs] have settled in Bannu district, while much of the remaining 20 percent are scattered in nearby cities.
Video

Video Kurdish Peshmerga Force Secures Kirkuk, Its Oil

The Kurdistan regional government has sent its Peshmerga troops into the adjacent province of Kirkuk to drive out insurgents, and to secure the area's rich oil fields. By doing this, the regional government has added a fourth province to the three it officially controls. The oil also provides revenue that could make an independent Kurdistan economically strong. VOA’s Jeffrey Young went out with the Peshmerga and filed this report.
Video

Video Malaysia Reeling: Second Air Disaster in Four Months

Malaysia is reeling from the second air disaster in four months involving the country’s flag carrier. Flight 340 vanished in March and despite an extensive search, no debris has been found. And on Thursday, Flight 17, likely hit by a surface-to-air missile, came apart over eastern Ukraine. The two incidents together have left more than 500 people dead. VOA Correspondent Steve Herman reports from Kuala Lumpur.
Video

Video Diplomatic Crisis Grows Over MH17 Plane Crash

The Malaysia Airlines crash in eastern Ukraine is drawing reaction from leaders around the world. With suspicions growing that a surface-to-air missile shot down the aircraft, there are increasing tensions in the international community over who is to blame. Henry Ridgwell reports for VOA from London.
Video

Video Undocumented Immigrants Face Perilous Journey to US, No Guarantees

Every day, hundreds of undocumented immigrants from Central America attempt the arduous journey through Mexico and turn themselves over to U.S. border patrol -- with the hope that they will not be turned away. But the dangers they face along the way are many, and as Ramon Taylor reports from the Rio Grande Valley in Texas, their fate rests on more than just the reception they get at the US border.
Video

Video Scientists Create Blackest Material Ever

Of all the black things in the universe only the infamous "black holes" are so black that not even a tiny amount of light can bounce back. But scientists have managed to create material almost as black, and it has enormous potential use. VOA’s George Putic has more.
Video

Video Fog Collector Transforming Maasai Water Harvesting in Kenya

The Maasai people of Kenya are known for their cattle-herding, nomadic lifestyle. But it's an existence that depends on access to adequate water for their herds and flocks. Lenny Ruvaga reports for VOA, on a "fog collector."

AppleAndroid