US jobless rate falls to 7.8% in September
06 Oct 2012
The unemployment rate in the US has fallen surprisingly to 7.8 per cent in September, the lowest level since January 2009, down 0.3 per cent from Augusts' 8.1 per cent.
About 114,000 jobs have been added in September according to figures released by the US department of labour which is slightly lower than the market expectations of around 115,000.
According to some economists, although the employment rate is on the increase, the pace is not fast enough to significantly change the unemployment picture of American workers.
Recent data indicate a subdued state of the US economy. The country's gross domestic product (GDP) increased at an annual rate of 1.3 per cent in the second quarter compared with the first quarter, according to a third estimate released by the bureau of economic analysis last week. The previous estimate was higher at 1.7 per cent.
In the first quarter, the GDP registered and increase of 2 per cent.
The number of unemployed persons in the US stands at 12.1 million in September, a decrease of 456,000 compared to the previous month.
