US unemployment drops to 7.8 percent, lowest since Obama took office; 114,000 jobs added

The U.S. job numbers are looking slightly optimistic at 114,000 added for September, dropping the unemployment rate to 7.8 percent from 8.1, the lowest since President Obama took office in January of 2009.

According to CNN, 104,000 private sector jobs were added, the rest coming from the public sector.

Speaking to Soledad O'Brien on CNN's Starting Point early Friday morning, Ken Rogoff, professor of economics and public policy at Harvard, said that this drop in percentage "is very encouraging" and though not a game-changer, "is a small step forward."

Rogoff added that the bigger number in the private sector gets economists more excited because "it is more organic," for the public sector tends to be dependent on the government, which can "eventually run out of money."

When asked if the new promising job numbers would change the two campaigns "worldview," Rogoff answered: "No they don't. I think that Romney economic braintrust really think they can turn growth around--I think, what's missing, is where he is going to get revenue from, that he's not saying."

"I think the big ideas would go way up on a tax revenue and it would all be great-- but I don't know how realistic that is after a financial crisis-- and the Obama administration thinks they're going to stay the course and things are going to get gradually better, 'so let's not panic'," he added.

To add to the positive news, July and August numbers were revised to reflect a more accurate count. The July total is now 181,000 jobs added and for August 142,000, which is a significant improvement from what was previously reported. Before the August numbers were miscalculated at only 96,000.

The industry with consistent draw for employment has been health care, with 44,000 of the jobs added there and transportation the second best performing.

Most other industries were reportedly flat acrosss the board.

The fact that almost 10,000 jobs were added to the public sector also shows that things are slowly but surely bouncing back after thousands of government jobs were lost during the recession.

Financial analyst Christine Roma told CNN that in order to stimulate the market effectively and keep up with population growth, between 120,000 -150,000 jobs are needed and September's numbers, though not at that mark, is heading in the right direction.

The fact that 7.8 percent is the lowest number since President Obama took office, must have the White House doing a few cartwheels on the White House lawn. The Obama camp must be thinking if only the president had that figure to throw in his opponent face during Wednesday's debate, he would have.

During the debate, Romney hammered home that Obama had promised to cut the jobless rate by half but he hadn't. Incidentally, fact checks say the president promised no such thing, but that didn't stop the former Massachusetts governor from claiming it as.

These new job numbers can give the Obama administration an opportunity to reset the tone on the economy and may give his campaign a new lease on life.

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U.S. Jobless Rate Declines to 7.8%; 114,000 Jobs Added www.bloomberg.com