U.S. Unemployment Rate Drops Below 8 Percent for the First Time in Years
Friday, October 5th, 2012October 5, 2012
The rate of unemployment in the United States fell to 7.8 percent in September, down from 8.1 percent in August, the U.S. Department of Labor announced today. The September unemployment rate was the lowest since January 2009, before the full effects of the Great Recession were fully felt through the whole economy. The U.S. economy added 114,000 jobs in September, beating all expectations. According to Labor Department data, the construction industry added 5,000 jobs, the government sector added 10,000 jobs, and the health care sector added 44,000 jobs. Economists note that today’s figures as well as other indicators point to a steady, if slow, recovery from the economic crash that began in September 2008.
Political experts pointed out that a 7.8-percent unemployment rate takes President Barack Obama back to the same jobless rate he inherited when he took office in 2009, which they see as psychologically important in this election year. Conservative commentators reacted to the news with the suggestion that the figures were “cooked” by the Labor Department to make the president look good in the final weeks of the election campaign. The Secretary of the Department of Labor, Hilda Solis, responded that it is “ludicrous” to think the statistics could have been manipulated: “I’m insulted when I hear that because we have a very professional civil service.”
Additional World Book articles:
- Bank 2008 (a Back in Time article)
- Bank 2009 (a Back in Time article)
- Economics, U.S. 2008 (a Back in Time article)
- Economics, U.S. 2009 (a Back in Time article)
- Economic Crisis: The Banking Meltdown (a special report)
- Economic Crisis: The Government Jumps In (a special report)
- Economic Crises – Then and Now (a special report)