CHICAGO — STUNNING FORECASTERS, the unemployment rate dropped to 7.8% in September, the lowest rate since January 2009.
“Our nation's labor market added 114,000 non-farm payroll jobs in September,” Secretary of Labor Hilda L. Solis said in a statement. “Additionally, 86,000 more Americans found jobs in July and August than had been previously reported.”
SHOWING MODEST ECONOMIC GROWTH, the 12 Federal Reserve Districts of the Federal Reserve Bank reported consumer spending was generally good for the October report. Only the New York, Chicago and Kansas City districts reported flat or soft sales. Existing home sales were stronger in most districts, with prices steady or increasing, and overall loan activity was steady to stronger in most districts.