Happy Days Are Here Again!—the old FDR theme song might be appropriate background music for all the happy talk accompanying the latest job report out today (October 3)..
The economy created a healthy 248,000 jobs in September; unemployment rate fell to 5.9%—the lowest reading since July 2008; August’s anemic job number was revised upward.
Job gains were across the board: professional and business services, construction, retail, health care. Even government.
Eric Lascelles, chief economist at RBC Global Asset Management, articulated the consensus view of his professional peers: “This is a very muscular report. It’s showing powerful job creation, no matter how one cares to slice it”…
But the Devil is in the politically incorrect details.
- Total employment rose by 232,000 or by 0.16%
- Native-born American employment fell by 137,000 or by 0.11%
- Foreign-born employment rose by 369,000, or by 1.50%