U.S. Continues to Slowly Add Jobs, Unemployment Rate Falls Below 8%

Today's Nonfarm payroll report by the Department of Labor showed jobs gains of 114,000 in September, in-line with economist expectations for a gain of 115,000 jobs. The report also showed the unemployment rate fell to 7.8 percent from 8.1. Based on the market's immediate reaction, the numbers are a bit of a sleeper, although some watchers say the unemployment rate headline number below 8 percent is a win for Democrats and President Obama considering the upcoming presidential election, which is being closely followed by investors, especially those investors with stocks in the health sector.

The economic survey data for September showed job gains in healthcare, transportation, and financial activities, while manufacturing jobs edged down. Employment in other major industries, including mining and logging, construction, wholesale trade, retail trade, information, professional and business services, leisure and hospitality, and government, showed little change over the month.

In September, average hourly earnings for all employees on private nonfarm payrolls rose by 7 cents to $23.58

Today's report also showed positive revisions for July and August, to 181k and 142k from 141 and 96k, respectively.

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