For the first time since President Barack Obama took office in January, 2009, the U.S. unemployment rate dipped below 8%. This was after an 873,000-person surge in the number of Americans who said they are employed.
Currently, 12.1 million people are unemployed in the United States, which brings the unemployment rate to 7.8%. For the past 43 months, the rate has consistently been over 8%.
According to the Labor Department, employers were able to add 114,000 jobs in September, along with a rise in wages.
This increase in available jobs in the job market is an encouraging sign for economists that the economy is slowly but steadily coming back. They point, in particular, to the 24 straight months in which jobs have been added.
To reach their conclusions, the Labor Department conducted a survey of some 60,000 households in which they asked the participants whether they had a job and if it was full or part time. They also conducted a second survey of nearly 140,000 businesses to determine whether jobs had been created or lost. A person who is “unemployed,” under the Department’s definition, is someone who is currently out of work and has actively sought a job in the past four weeks.
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