'Working Out': Economists React To September Jobs Report On Twitter
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Nonfarm payroll employment increased by 136,000 jobs in September, the U.S. Bureau of Labor Statistics reported Friday, marking the country's 108th straight month of employment gains.
The unemployment rate fell to 3.5%, the lowest it has been since December 1969.
Notable job gains occurred in healthcare and professional and business services, but commercial real estate-related industries did not fare as well. Manufacturing lost 2,000 jobs in September and retail lost 11,000 jobs. The retail sector has lost 60,900 jobs in the past year.
Here's how economists and others reacted to the jobs report on Twitter.
Pretty good jobs report: Payrolls up +136k.— Justin Wolfers (@JustinWolfers) October 4, 2019
The unemployment rate is down to -- can you believe it -- 3.5%.
Merely moderate jobs growth from the prior two months have been revised upward by +45k in total.
The economy is still humming along. The expansion remains on track.
This is the lowest unemployment rate in half a century. And the drop is for the "right" reasons -- employment up, unemployment down. Labor force grew slightly (participation rate flat).— Ben Casselman (@bencasselman) October 4, 2019
Bottom line on #jobs: The job market is clearly cooling, but we're not in alarm bell territory yet.— Heather Long (@byHeatherLong) October 4, 2019
US companies in health, biz, and gov are still hiring.
But many sectors (manufacturing, construction, hospitality) have slowed.
Most worrying of all: Wage growth is back below 3%
Depending on which numbers you look at, the labor market is either:— Neil Irwin (@Neil_Irwin) October 4, 2019
Super hot (unemployment rate)
Temperate (payroll job growth)
Cooling down (wage growth)
The report suggests the Fed is doing the right thing by gradually lowering interest rates to ensure the longest recovery in modern economic history can be sustained—rather than peter out just as many lower- and middle-income households are starting to feel its benefits.— Elise Gould (@eliselgould) October 4, 2019
This is a generational shift we're still wrapping our heads around— Michael Madowitz (@mikemadowitz) October 4, 2019
This month is the first time > 10.5 million workers 65+ were employed.
The 65+ labor force is over 2.5 times larger than it was in 2000 pic.twitter.com/hjfeVc5uAT
Prime-age employment-to-population ratio is now at its highest of this cycle—since March 2007. Good news! pic.twitter.com/uDG6I3Io80— Neil Irwin (@Neil_Irwin) October 4, 2019
Here's your growth industry tho pic.twitter.com/GYjGit27RO— Justin Fox (@foxjust) October 4, 2019
Although wow 2015-2018 was the best stretch of job growth the industry has seen in decades pic.twitter.com/3G1bUaQDCd— Justin Fox (@foxjust) October 4, 2019
Manufacturing continues to show weakness. But worries over contraction of the service sector, which is a better indicator of local economic demand rather than pressure from trade, are not showing signs of a slowdown yet. https://t.co/yI60qhWlkd— Kate Bahn (@LipstickEcon) October 4, 2019
When you think about it, this chart is remarkable. A decade of sustained declines in the unemployment rate, now well below pre-recession level...and inflation remains below Fed 2% target & 10-year Treasury at 1.539% Few would have predicted this back in 2009. pic.twitter.com/bWXHeN5VoK— David Wessel (@davidmwessel) October 4, 2019