The main Non-Farm Payroll number – how many jobs were created – was in line with expectations for September, coming in at 114K. However, August’s 96K was revised up to 142K, that’s more than a 50% change.

The big surprise is in the unemployment rate, dropping to 7.8% from 8.1%, beating expectation of a rise to 8.2%. This is the lowest jobless rate the US has seen since Jan. 2009.

This came WITH  a RISE in participation rate as you can see from the screenshot of the report below:

(Click to expand to a larger view)

NFP10052012

Source: Bureau of Labor Statistics

Furthermore, average hourly earnings rose 0.3% in September, making August-September a couple of decent months after all.

Election issue: Numbers like this is good for the Obama campaign, not as something he can brag about, but as a bit of extra Kevlar against the Romney’s ammunition using the poor labor market to attack Obama.

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