Obama: Jobs, economy are 'moving forward'

FAIRFAX, Va. -- President Obama welcomed the new unemployment rate of 7.8% today, saying it is a sign that the economy is "moving forward" on his watch.

"More Americans entered the workforce, more people are getting jobs," Obama told cheering supporters today at George Mason University.

The president spoke just a few hours after the Labor Department reported that the jobless rate dropped from 8.1% to 7.8% -- "the lowest level since I took office" in January 2009, Obama pointed out.

Overall, the economy added 114,000 jobs in September, the Labor Department said. It also said the economy created 86,000 more jobs in July and August than initially estimated.

Stressing the economic meltdown he inherited, Obama said, "after losing about 800,000 jobs a month when I took office, our businesses have now added 5.2 million new jobs over the past two-and-a-half years."

Election challenger Mitt Romney and other Republicans had consistently noted that the unemployment rate topped 8% for 43 straight months.

The lower jobless number will likely give Obama's re-election campaign a boost, two days after his widely panned debate performance against Romney.

For his part, Romney noted that 7.8% remains a high unemployment number.

"This is not what a real recovery looks like," Romney said. "We created fewer jobs in September than in August, and fewer jobs in August than in July, and we've lost over 600,000 manufacturing jobs since President Obama took office."

During a speech in Virginia, Romney cited the number of people who have dropped out of the workforce in recent years -- if they were still in the employment poll, the jobless rate would be closer to 11%.

During his appearance at George Mason University, Obama said that "we've still got too many of our friends and neighbors who are looking for work."

But, speaking to his Republican critics, the president said: "Today's news certainly is not an excuse to try to talk down the economy to score a few political points -- it's a reminder that this country has come too far to turn back now."