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Boost for Obama as US unemployment rate falls to near 4-yr low of 7.8 pct | | The unemployment rate in the United States has tumbled to its lowest level in almost four years, which is likely to give Barack Obama a boost as the presidential race enters its final stages. The Bureau of Labor said that the unemployment rate tumbled to 7.8 percent last month, its lowest level since Obama's first month in office, from 8.1 percent in August. According to the Telegraph, Obama will seize on the figure in his election fight against Republican rival Mitt Romney, who easily won this week's first presidential debate and blasted the incumbent for his record on the economy. Until now the unemployment rate had been above 8 percent for 43 months in a row, the longest stretch since just after World War Two. According to the paper, the US' monthly employment report is made up of two separate surveys, and the second one showed that 114,000 jobs were created last month. That matched the expectation of Wall Street economists, the paper said. |
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