The news indicates that the economy and the labor market performed significantly better over the course of the summer than initial reports suggested at the time. July payrolls were also revised significantly upward to a final figure of 181,000 new jobs.
Growth came largely in the health care and transportation sectors, according to the report, while the manufacturing sector lost 16,000 jobs overall. The public sector added jobs for the second straight month, abating a long trend of state and local austerity. The figures parallel auto sales data, consumer confidence, and ADP' private payroll estimate, all of which showed strong numbers in September.
But the news also has political implications. Last month, the Department of Labor released broader revisions which pointed to the fact that more jobs had been created during the recover than had been lost in the slump -- putting Obama into net positive job creation territory over the course of his presidency. Friday's report builds on that record.
The significant downward tick in unemployment also moots a favored Republican talking point -- that the unemployment rate has not dropped below 8 percent since it first climbed above that level early in Obama's presidency.