Unemployment rate declines to 7.8%

The Bureau of Labor Statistics' tally for September shows non-farm payroll rose by 114,000, as the official unemployment rate fell from 8.1% to 7.8%.

The 7.8% unemployment rate is the lowest since January 2009.

The employment-population ratio increased by 0.4 percentage point to 58.7%, after edging down in the prior two months. The overall trend in the employment-population ratio for this year has been flat, according to the report released Friday morning.

Employment in construction and retail trade showed little change over the month, according to the bureau.