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Mixed Jobs Report Shows Unemployment Down to 7.8%

Cartwright Wrote: Oct 05, 2012 9:56 AM
I remember when thirty-plus consecutive awful monthly unemployment reports were released with a nearly identical disclaimer: "While the numbers are bad, and yada yada yada, it's important not to read too much into one monthly unemployment report." Why do I get the feeling that they won't say that this time?
The jobs report prepared by the Bureau of Labor Statistics had mixed news today. Job growth was mediocre - only 114,000 new jobs were added in September, which isn't even enough to keep up with population growth. The top-line unemployment number fell to 7.8% and there was actually an increase in the labor force participation rate.

The biggest news consisted of revisions to previous reports. BLS revised the previous two months up by almost 100,000 total jobs (there were 40,000 more jobs added to August and 44,000 jobs added to July).

The economy has remained sluggish, even with the...