Good News, Jobless Rate | featured news

In the wake of the controversial 7.8% unemployment rate reported by the U.S. Labor Department earlier this month, Gallup today said that its nonseasonally adjusted rate fell from 7.9% at the end of September to 7.3% in mid-October. That is a new low since Gallup began collecting employment data in January 2010.

The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years and giving President Barack Obama a potential boost with the election a month away.

California's unemployment rate fell to 11.1% in December from 11.3% in November, marking five straight months of declines.

Employment growth picked up speed in November and the jobless rate dropped to a 2-1/2 year low of 8.6 percent, further evidence the economic recovery was gaining momentum.

California's unemployment rate dipped below 12% in September, and nearly 12,000 new jobs were created.

The jobless rate in 39 states and Washington, D.C. fell in June compared to the prior month, the Labor Department said. Just five states saw unemployment rate increases.

Even as the July numbers came in better than expected, the job market remains shaky in the months ahead.