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Unemployment rate dips below 8 percent, 114,000 jobs added in September

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Posted: Friday, October 5, 2012 9:27 am

The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years. According to the Associated Press, the rate fell because more people found work – a trend that could impact the presidential election.

The Labor Department says 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 percent in August, matching its level in January 2009 when President Barack Obama took office.

Information from The Associated Press contributed to this report.

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