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October 5th, 2012
10:44 AM ET

Ken Rogoff: '7.8 percent unemployment rate is very encouraging'

(CNNMoney) - The unemployment rate tumbled in September as more people returned to the labor force and steady hiring continued.

Employers added 114,000 jobs during the month, down from a revised 142,000 jobs in August, the Labor Department said Friday. But revisions to July and August mean the economy added 86,000 more jobs than originally reported in those months.

Meanwhile, the unemployment rate unexpectedly fell to 7.8% in September, from 8.1% the prior month.

Harvard economics professor Ken Rogoff reacts to the jobs numbers on Starting Point this morning, saying that the report "isn't a game changer but it's certainly a small step forward."


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