The U.S. economy added a net 114,000 jobs in September, while the unemployment rate fell to a surprisingly low 7.8 percent, a number former GE boss Jack Welch described as cooked up by the Obama administration.
The September jobs number brought the unemployment rate below 8 percent for the first time in about four years.
Total employment rose by 873,000 in September, following three months of little change, according to the Bureau of Labor Statistics.
“Unbelievable jobs numbers … these Chicago guys will do anything … can’t debate so change numbers,” Welch said on his Twitter page, referring to President Barack Obama’s performance in the first presidential debate earlier this week.
Other experts expressed similar surprise.
“It’s a little confusing, to be honest with you. The number of jobs created wasn’t that high but the unemployment rate came down and the participation rate went up a little bit, so it’s confusing,” said Ron Florance, managing director of investment strategy for Wells Fargo Private Bank in Scottsdale, Arizona, according to Reuters.
“All in all, it doesn’t change the trajectory of what the jobs environment has been really for the last year. We continue to increase jobs but not at a rate that is fast enough to significantly change the unemployment picture for American workers.”