The Labor Department reported today that U.S. employers added 114,000 jobs in September. The unemployment rate fell to 7.8 percent – where it was when Barack Obama took office and not at the 5.8 his administration forecasted.
No doubt, the top headline of a dropping unemployment rate is helpful for the president. Democrats are celebrating. While this is certainly better news than we’ve been getting – which tells us more the sad expectations we have in the Obama era – the new unemployment rate reflects deep economic stagnation and, maybe, a new normal.