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 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, the biggest one month jump since June 1983.
As such, total employment now stands at the highest level it's been since December 2008 before Obama was inaugurated.
But even more mysterious is the divergence in the two surveys done by the Labor Department.
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.
Sounds like book cooking to me!
In fact here is more;
In fact, when Labor Secretary Hilda Solis appeared on CNBC this morning, the first two questions for her were whether the books have been cooked:
Edited by Socio, 05 October 2012 - 10:24 PM.