The Labor Department has released the September job numbers this morning, bringing the nation’s Unemployment Rate to 7.8%, the first time the rate has dipped below 8% since President Obama took office in January, 2009. This is indeed excellent news for the Obama Campaign, coming so soon after the President’s disappointing first debate performance. The work force not only added 114,000 new jobs, but the Labor Department also revised the figures for July and August upward by 86,000 jobs.
While a 114,000 net gain and a .3% drop in the rate may not seem enormous, it is expected to seriously blunt a key campaign screed by Team Romney…that Obama promised that unemployment would fall dramatically through his policies (the stimulus, etc.), yet has been consistently above the dire 8% figure for the entire Obama term of office. As reported by NBC News:
A survey of households from which the jobless rate is derived showed 873,000 job gains last month, the most since June 1983. The drop in unemployment came even as Americans come back into the labor force to resume the hunt for work.
The President has already been out on the campaign trail in battleground Virginia, touting the positive numbers. Speaking to a crowd in Fairfax, President Obama warned against those who will try to downplay the good employment news, saying, this is “not an excuse to try to talk down the economy, to try and score a few political points. It’s a reminder that this country has come too far to turn back now.”
Other economic indicators are proving favorable to Obama’s reelection as well. The U.S. Stock Market has more than doubled since September, 2008, with the Dow Jones industrial average closing yesterday at 13,575, and the S&P 500 gaining 16% this year alone. Meanwhile the right track – wrong track numbers have been steadily moving in Obama’s direction. Some attribute this to the actual overall improvement in the economy, while some are also crediting President Clinton’s masterful Democratic Convention speech, which detailed the real state of the economy and Obama’s accomplishments (like saving the U.S. auto industry), as opposed to the ‘gloom and doom’ prophesies from the Right.
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