United States’ unemployment rate dropped to 7.8 percent in the past month, hitting a 44 month low. The jobless rate of the economy has dropped below 8 percent in almost four years.
The fact that the U.S unemployment rate has dropped would help boost Obama’s election campaign as well. According to the Labor Department, the unemployment rate dropped from 8.1 percent, with 873,000 Americans claiming they got employed.
Currently, the total number of individuals unemployed in the United States is 12.1 million, which is the lowest since 2009, January. According to the country’s Labor Department, 114,000 jobs were added in the economy in the month of September.
Moreover, data has also revealed that the U.S economy generated 86,000 additional jobs in the months of July and August than the previous estimations of the department.
Apart from jobs, wages also increased in the month of September and a lot of Americans started looking for jobs.
The unemployment rate has dropped below 8 percent in four years, when President Obama took office. The United States economy and Americans in general have been struggling to find jobs in the economy.
However, with how things are going, it will not be wrong to predict that the U.S economy is on the path of recovery.
The drop in unemployment rate will also boost investors’ confidence and stock markets are expected to open on a high note on Monday, the first trading day of the week.
Most of the jobs added in September were added by the health care industry. According to data revealed, 44,000 jobs were added by the health care industry, which is the highest since the month of February. Additionally, warehousing and transportation also added jobs in the economy.
The latest data has calmed down concerns about the largest economy and its job market.
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