Total Employment Rises 873,000 To Highest Level Since December 2008
By Noel Sheppard | October 05, 2012 | 08:4
The unemployment rate decreased to 7.8 percent in September, a number certain to impact the presidential race.
Pundits have been saying for months this number had to drop below 8 percent for it not to be a hindrance to President Obama’s reelection chances.
The economy also added 114,000 nonfarm payrolls in the month according to the Bureau of Labor Statistics with gains in healthcare, transportation and warehousing.
Truly shocking in the report was that the number of unemployed people dropped by 456,000 to 12.1 million.
Maybe more shocking, total employment, as measured by the Household Survey, rose by 873,000 in September to 142,974,000. That’s the highest it’s been since December 2008 before Obama was inaugurated.
So the Household Survey showed a gain of 873,000 people employed in September – resulting in the surprise drop in the unemployment rate – while the Establishment Survey only showed a rise of 114,000.