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America’s Jobless Rate Drops to 44-Month Low
The U.S. unemployment rate unexpectedly tumbled to 7.8% in September from 8.1% in August, according to the Dept. of Labor.
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The U.S. unemployment rate unexpectedly tumbled to 7.8% in September from 8.1% in August, according to the Dept. of Labor. The rate is the lowest since January 2009.
Economists noted that the improvement occurred even as more people joined the pool of those seeking work. The proportion of working-age Americans with a job rose to its highest level since May 2010.
The Labor Dept. also says U.S. employers added about 114,000 jobs last month. Job creation estimates for July and August were upwardly revised by 86,000 positions.
Separately, the Federal Reserve reports that consumer borrowing jumped more than $18 billion, or 8%, from July to August. More than three-quarters of the increase was in new auto and student loans. Higher borrowing could signal faster growth because consumer spending accounts for 70% of the economy, analysts say.
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