https://www.wsj.com/articles/a-sigh-of-jobs-relief-11570228132
Imagine how well the U.S. economy would be doing with better trade policy. That’s our reaction to Friday’s jobs report for September that showed remarkable resilience despite the headwinds of tariffs, declining business investment and a manufacturing downturn.
The economy created 136,000 new jobs in the month, plus 45,000 more in upward revisions for July and August. That adds up to a monthly average so far this year of 161,000, which is healthy for an expansion that is now into its tenth year though it’s below the 223,000 average in 2018.
Even more surprising, the jobless rate fell to 3.5%, the lowest in half a century. The number of employed Americans surged by 391,000, which drove the overall employment ratio up to 61%, the highest since December 2008. The rising employment ratio shows that Americans who have been on the sidelines since the Great Recession are continuing to stream into the labor market long after economists on Wall Street and at the Federal Reserve concluded the U.S. was at full employment.
The new job seekers include in particular those who are often the hardest to employ. The jobless rate for those without a high-school degree fell by 0.6 percentage point to 4.8%, the lowest since the Bureau of Labor Statistics began tracking this in 1992. The rate for Hispanic Americans fell 0.3 percentage point to 3.9%.