Unemployment Rate Finally Drops Below 8%

Well, the September Jobs Report is out, and it’s pretty good for a change. Net job growth is pegged at 114,000 right on the nose of most predictions. But upward revisions for July (from 141k to 181k) and August (from 96k to 142k) were impressive.

The number you’ll hear most about, however, is the unemployment rate, which dropped to 7.8%, the lowest rate of the Obama presidency (as I mentioned yesterday might happen). There’s no big dive in workforce participation to explain it away, either.

I’ll have more about this when we get more expert analysis, but in general, this is moderately good news for the economy and even better political news for Obama, if only as an interruption of the self-congratulation of Republicans about Romney’s debate performance.

Ed Kilgore

Ed Kilgore, a Monthly contributing editor, is a columnist for the Daily Intelligencer, New York magazine’s politics blog, and the managing editor for the Democratic Strategist.