Unemployment hits 7.8 percent, lowest since Obama took office
The unemployment rate is the lowest is has ever been in the four years President Barack Obama has been in office.
The rate fell to 7.8 percent in September, the lowest it has been since January 2009, according to NBC News. There were also 114,000 jobs created.
There were about 873,000 jobs that were gained last month, which is the most since June 1983.
Many of the gains were part-time or self employed positions.
“It’s a little confusing, to be honest with you. The number of jobs created wasn’t that high but the unemployment rate came down and the participation rate went up a little bit, so it’s confusing. All in all, it doesn’t change the trajectory of what the jobs environment has been really for the last year,” said Ron Florance, managing director for investment strategy for Wells Fargo Private Bank.
Of those jobs created about 104,000 were businesses and 10,000 were federal, state, and local jobs, according to USA Today.
On top of the rise is jobs created the work week hours rose from 34.4 hours to 34.5 hours. The average hourly earnings were also up seven cents to $23.58.