US unemployment falls to four-year low

City A.M. Reporter
The US jobless rate dropped to a four-year low of 7.8 per cent in September, according to official figures.

The US Labor Department said today that the unemployment rate dropped by 0.3 per cent to its lowest point since January 2009, as 114,000 new jobs were created over the month.

The drop in unemployment will be a boost to President Barack Obama’s re-election bid.

Payrolls for July and August were revised to show 86,000 more jobs created than previous reported, mostly to reflect increases in government employment.

The jobless rate is now where it was when Obama took office in January 2009. Household employment increased by 873,000, the most since June 1983, according to the household survey. The bulk of the gains were part-time jobs.