U.S. unemployment drops to 4-year low

Barack Obama

The U.S. unemployment rate fell to 7.8 per cent last month, dropping below 8 per cent for the first time in nearly four years. The rate declined because more people found work, a trend that could have an impact on undecided voters in the final month before the presidential election.

The Labor Department said Friday that employers added 114,000 jobs in September. The economy also created 86,000 more jobs in July and August than first estimated. Wages rose in September and more people started looking for work.

The revisions show employers added 146,000 jobs per month from July through September, up from 67,000 in the previous three months. The unemployment rate fell from 8.1 per cent in August, matching its level in January 2009 when President Barack Obama took office.

Read more: U.S. unemployment drops to 4-year low - Business - CBC News