Republican vice presidential nominee Paul Ryan said the unemployment rate has been rising, when in fact it has fallen by 13 percent over the past year.

"Joe and I are from similar towns. He's from Scranton, Pennsylvania. I'm from Janesville, Wisconsin. You know what the unemployment rate in Scranton is today?" Ryan said. "It's 10 percent. You know what it was the day you guys came in? 8.5 percent. That's how it's going all around America."

Vice President Joe Biden challenged him: "You don't read the statistics. That's not how it's going. It's going down."

The national unemployment rate is in fact going down. It has fallen from 9 percent last September to 7.8 percent this September: its lowest level since President Barack Obama took office, according to the Bureau of Labor Statistics.

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