Unemployment rate falls to 44-month low
The U.S. unemployment rate decreased to 7.8 percent in September, a 44-month low, according to the U.S. Bureau of Labor Statistics.
Employment rose by 114,000 to drive the unemployment rate down 0.3 percentage points from the prior month. Total employment rose by 873,000 in September, following three months of little change, according to the report.
While unemployment decreased, the number of employees working part time for economic reasons increased 600,000 in the last month to 8.6 million.
Manufacturing employment decreased by 16,000 in September but net employment is unchanged since April. Other major industries reported little change, according to the report.
In August, nonfarm employment rose by 142,000, a revised number from the original report of a 96,000 gain.
The U.S. Labor report came on the heels of an ADP National Employment Report that said employment rose by 162,000, which followed an August employment increase of 189,000.