Payrolls grew by 114,000 last month and the unemployment rate ticked down significantly to 7.8 percent, according to today's jobs report from the BLS. That's the lowest unemployment rate since January of 2009. Moreover, unlike last month's report, September's decline in the unemployment rate was due to more job seekers finding work, not giving up and leaving the labor market. Both July and August's jobs numbers were revised up significantly such that in the third quarter of the year, payrolls grew by 146,000 per month on average, a notable acceleration over the second quarter's growth pace of only 67,000 jobs per month. All told, this report and the revisions paint a considerably better labor market picture than the last few reports. We're not yet out of the labor market woods, and I'd like to see us moving more quickly, but we're on the right path.