The workplace economyOctober 2012September’s jobs report exceeds economists’expectations. 114,000 new jobs were added in SeptemberWith the upcoming presidential election quickly Thousandsapproaching, the BLS has just released one of themost encouraging jobs reports of President Barack 400Obama’s first term. 300According to “The Employment Situation — September 2002012,” the national unemployment rate droppedbelow eight percent for the first month since January 1002009, falling from 8.1 to 7.8 percent. Prior to the release 0of the report, a majority of economists had projected -100the rate would linger between 8.1 and 8.3 percent, asit had throughout 2012. After all, the rate had remained -200 Sep Dec Mar Jun Sep Dec Mar Jun Sepabove eight percent for a record-breaking 2010 2010 2011 2011 2011 2011 2012 2012 201243 consecutive months.For the first time since Obama was inaugurated, Source: Bureau of Labor Statisticsunemployment is declining on a regular basis.In fact, since September 2011, the rate has contractedby 1.2 percent — the largest annual decrease sinceFebruary 1995. Within the last two months alone, therate has deteriorated by 0.5 percent.Furthermore, the report found that employment rose by114,000 last month, matching economists’ expectationsthat 110,000 to 115,000 jobs would be generated. Theemployment increase led to a substantial drop in thetotal number of jobless Americans, from 12.5 million to12.1 million, the lowest monthly total since January 2009.As a further sign of economic progress, the BLS alsodiscovered that more jobs had been created in Julyand August than originally thought. July’s job creationfigures have recently been raised from 141,000 to181,000, while August’s data increased considerably,rising from 96,000 to 142,000.