Today, the unemployment rate dropped from 8.1 percent to 7.8 percent for September. This is the first time that unemployment has dropped below 8 percent in the past 43 months.
The 12.1 million unemployed workers show a decrease of 456,000 from the 12.5 million without jobs reported in August.
The drop in the unemployment rate came just in time for President Obama as he and GOP rival Mitt Romney are in the midst of a series of three presidential debates which heavily focus on job creation and the economy.
See how politicians reacted to September's jobs report.
|Mitt Romney, GOP Nominee|
"This is not what a real recovery looks like. We created fewer jobs in September than in August, and fewer jobs in August than in July, and we've lost over 600,000 manufacturing jobs since President Obama took office.
If not for all the people who have simply dropped out of the labor force, the real unemployment rate would be closer to 11 percent. The results of President Obama's failed policies are staggering – 23 million Americans struggling for work, nearly one in six living in poverty and 47 million people dependent on food stamps to feed themselves and their families. The choice in this election is clear. Under President Obama, we'll get another four years like the last four years. If I'm elected, we will have a real recovery with pro-growth policies that will create 12 million new jobs and rising incomes for everyone."
|Paul Ryan, GOP VP Nominee|
"Today is a sad indictment of the diminished expectations under President Obama. Far too many Americans are still waiting for their chance in the Obama economy.
For those able to find work this month, any job growth is welcome, but this number is once again well below what is needed for America to meet its economic potential. Two-thirds of those who found work took part-time jobs when they are actually seeking full-time ones. We should not have to settle for this new normal. This is not what a real recovery looks like. We need a real recovery, and Mitt Romney has the detailed plan and leadership to provide it."
|Allen West, Congressman|
Rep Allen West posted on his Facebook page, "We all want the suffering of the American people from this rampant scourge of unemployment to end. However, today's jobs report is confusing to say the least. Previous months numbers have been revised and yet the workforce participation rate remains at a 30 year low. The unemployment rate drops to 7.8 percent, that is where it was in January 2009 when the President took office.
But the U6 computation of unemployed, underemployed, and discouraged Americans remains the same at 14.7 percent. I agree with former GE CEO Jack Welch, Chicago style politics is at work here. Somehow by manipulation of data we are all of a sudden below 8 percent unemployment, a month from the Presidential election. This is Orwellian to say the least and representative of Saul Alinsky tactics from the book "Rules for Radicals"- a must read for all who want to know how the left strategize . Trust the Obama administration? Sure, and the spontaneous reaction to a video caused the death of our Ambassador......and pigs fly."
|Jack Welch, Former GE CEO,|
Tweeted, "Unbelievable jobs numbers… these Chicago guys will do anything… can't debate so change numbers"
|Reince Priebus, RNC Chairman|
"Too many Americans are still struggling for work in today's economy, and for too many families, the last four years has seen declining wages and increasing costs," said RNC Chairman Reince Priebus. "High unemployment remains a chronic condition in America, the seriousness of which is measured not simply by one number but by the millions of families trying to make ends meet in an impossible economy."
"Americans cannot afford four more years like the last four years. And as Wednesday night's debate made clear, only one candidate has a plan to take us toward a better future. While Governor Romney has a plan that will create 12 million new jobs, President Obama only has a plan for higher taxes, which will destroy 710,000 jobs. The middle class is crying out for relief, and the president proposes to keep burying them.
"Four years ago, Barack Obama vowed he understood our problems and possessed the solutions. With a massive stimulus, he promised unemployment below 5.5 percent by today. If the number of people in the workforce were the same as when he took office the unemployment rate would be nearly 11 percent. "After four long years in office, unemployment is still much higher than the standard he set for himself."
|John Boehner, Speaker of the House|
"While there is positive news in today's report, job creation is far too slow and the unemployment rate is far too high."
|David Plouffe, Senior White House Advisor|
Said on MSNBC that the drop in the unemployment rate "shows we continue to recover from a horrible recession."
|Alan Krueger, head of the White House's Council of Economic Advisors|
While there is more work that remains to be done, today's employment report provides further evidence that the U.S. economy is continuing to heal from the wounds inflicted by the worst downturn since the Great Depression. It is critical that we continue the policies that are building an economy that works for the middle class as we dig our way out of the deep hole that was caused by the severe recession that began in December 2007.
As the administration stresses every month, the monthly employment and unemployment figures can be volatile, and employment estimates can be subject to substantial revision. Therefore, it is important not to read too much into any one monthly report and it is informative to consider each report in the context of other data that are becoming available."
|Tom Price, House Republican Policy Committee Chairman|
"The rate of economic growth and job creation remains far below what is needed for the millions of Americans who are struggling through one of the worst economic recoveries since the Great Depression. At this point, the Obama Administration predicted their policies would lead to an unemployment rate well below six percent. The gap between their promises and today's reality is startling.
"After failed stimulus packages, preferential industry bailouts and a takeover of health care, President Obama and the Democrat-controlled Senate have little to show for the more than $5 trillion in new debt they've saddled onto the backs of our children and grandchildren. And today, the president is declaring he wants to raise taxes and increase the regulatory burden on job creators even more.
"House Republicans have proposed and passed legislation that would help stabilize and grow our economy to get Americans working again. Whether it's expanding access to affordable energy, reducing the regulatory burden, reforming the tax code or boosting trade, our Conference has worked each and every day to keep job creation our top priority.
"It's time for the Senate and President Obama to end the gridlock in Washington by working in good faith with the House to create the conditions for economic growth and robust job creation."