Unemployment Below 8% for First Time Since 2009

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The US unemployment rate dropped .3% to 7.8% in September, the lowest since January 2009. The number of people unemployed six months or longer fell under 5 million for first time since July 2009. Payroll increased 114,000 jobs. The employment-population ratio increased .4% to 58.7%. The labor force participation rate increased .1% to 63.6%.  However, the median and mean durations of unemployed increased by .5 weeks to 18.5 and .6 weeks to 39.8 weeks, respectively.

For more information, see our Employment Report.

–From the BLS and the St. Louis Federal Reserve

 

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