Unemployment falls to 7.8 percent

(Oct. 5, 2012) -- "Today’s report indicates that firms continue to take on new workers, thus providing further gains in household income," Ferley explained. "The upward revisions to job growth in August and July imply even stronger momentum than was previously reported, though the additional strength was based narrowly in government jobs. This greater strength in payroll employment in earlier months represents a pace that offers the prospect of sustained downward pressure on unemployment."