video transcript

Good news for the president on the economy. SOUNDBITE: U.S. President Barack Obama saying: "This morning, we found out that the unemployment rate has fallen to its lowest level since I took office." A monthly government report showed the jobless rate dropped to 7.8 percent. At a rally in Fairfax, Virginia, the president marked the occasion but also acknowledged there is still work to do. SOUNDBITE: U.S. President Barack Obama saying: "And there are too many middle-class families that are still struggling to pay the bills -- they were struggling long before the crisis hit. But 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." The new figures were released on the same day Republican rival Mitt Romney debuted a new campaign commercial criticizing Obama over job losses. (NATSOT CAMPAIGN AD) Romney had made the president's failure to drive the rate below eight percent a key plank in his campaign. But the latest Reuters/Ipos national poll shows Obama's lead narrowed to two points, leading just 46-44 after a lackluster debate performance earlier this week.