Criticized for what many believed was a weak performance in his first debate against Mitt Romney, President Barack Obama welcomed news that the nation’s unemployment rate enjoyed a drop down to 7.8 percent, the lowest it has ever been since he took office. Obama called the figures encouraging signs that the nation has “come so far to turn back now.”
The figures end three years of the unemployment rate sitting at a stagnant 8 percent or higher, according to Business Week. Obama’s camp is hoping the latest figures will give his campaign a much-needed boost after Wednesday’s performance.
Economists agree that the nation is seeing a tick down in unemployment, but conceded that the recovery is moving at a glacial pace. In a recent UCLA study, economists said California unemployment will continue to drop through 2014 after a sluggish 2012. The state’s unemployment rate dropped to 10.6 percent in September with Los Angeles County’s jobless rate falling slightly to 11.2 percent.
However, Romney argues much of those numbers are helped by a contingent of unemployed who have simply given up on the job search.
Glendora’s numbers remained at 5.8 percent, nearly unchanged since summer’s figures. About 1,600 people in Glendora remained unemployed, according to latest figures by the Employment Development Department.
Tell us: Do you see an improvement in the job market? Is the latest drop in the nation’s unemployment rate a sign of future economic recovery?