Following a not so spectacular first debate, President Barack Obama got a boost on Friday from the latest Department of Labor jobs report. The government report showed that unemployment in the U.S. had dropped to 7.8% during September.
The rate is the lowest and 44 months. No incumbent president has been re-elected with the unemployment rate above 8% since WWII. The report also said that 114,000 new jobs had been added in September and July and August new jobs were revised to show an additional 86,000 jobs were added between the two months, compared to what was first announced.
The latest report prompted some to call immediately for a revision, as Jack Welch the former CEO of General Electric accused the White House administration of cooking the books to boost the prospects of Obama’s reelection. Welch said on his Twitter account that the jobs numbers were unbelievable and that the guys from Chicago would do anything. He said Obama could not debate, so why not change the numbers.
The report will likely be the most important for President Obama and his challenger Republican Mitt Romney prior to the election next month. The final jobs report will be released only four days prior to the day voters head to the polls to elect their next president.
The report is certain to boost Obama’s campaign as it attempts to rebound after a less than positive first debate. Obama’s performance at the debate was criticized by nearly everyone, while Romney’s performance was lauded for his pressuring of the administration over the slow economic recovery.