Survey: Unemployment to drop sharply this month?

Unemployment, as measured by Gallup without seasonal adjustment, is 8.3% in mid-October — down sharply from 8.7% at the end of September and 9.2% at the end of August. A year ago, Gallup’s U.S. unemployment rate stood at 10.0%. While seasonal hiring patterns may explain some of this improvement, the drop suggests the government could report an October unemployment rate of less than 9.0%.

In addition to the drop in unemployment, Gallup also found a decline in the percentage of part-time workers who want full-time work, to 9.2% in mid-October from 9.6% at the end of September.