US unemployment rate falls in September

The monthly unemployment rate in America has dropped below 8% for the first time since 2009, when President Barack Obama took office.

The Bureau of Labor statistics report says it was 7.8% in September, with 114,000 new jobs created.

This is undoubtedly good news for President Obama’s re-election campaign at the end of a week when he made a hash of the first debate.

Already, the internet is alive with blasts and counter-blasts. Some say this will change the campaign, others that these jobs figures – so eagerly awaited by us hacks – have no impact on the race.

To listen to some people you would think nothing has an impact on the election. The fact is perceptions are changed slowly, by a drip, drip, drip of information and persuasion, and only truly exceptional moments change an election campaign overnight.

This is not one of those moments. But it is significant.

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