Below, EPI economists offer their insights on the jobs report released this morning, which showed 254,000 jobs added in September.

From EPI senior economist, Elise Gould (@eliselgould):

Read the full thread here.

Strong jobs report!
– payroll employment up 254,000 with past months revised up by 72,000
– nominal wage growth rose 4.0% over the year
– unemployment rate ticks down to 4.1%
– overall employment-to-population ratio rises while the prime-age EPOP holds steady at 23 year high

— Elise Gould (@eliselgould) October 4, 2024

Are some folks still having a hard time? Absolutely. Even when the unemployment rate is low, there are still sidelined workers, and it remains difficult for many families to make ends meet on wages that are still too low.

— Elise Gould (@eliselgould) October 4, 2024

When comparing the labor market with four years ago (in the pandemic recession) or before the pandemic began, the answer is clear: More workers have jobs and wages are beating inflation by solid margins. At the low end, 16.8% real wage growth and 6.5% for workers at the middle! pic.twitter.com/GIvR5RrGDl

— Elise Gould (@eliselgould) October 4, 2024

The labor market remains strong AND the Fed should continue to cut rates. Given current economic conditions, interest rates are way higher than normal.

(Note: this figure is from before the recent cut, the effective rate is now 5.1%, same case is made)https://t.co/AZXjK13pVV pic.twitter.com/A0LecGRJsa

— Elise Gould (@eliselgould) October 4, 2024

From EPI economist, Hilary Wething (@hilweth): 

You might think we just magically stumbled upon a consistently strong labor market– but no, this labor market is the result of policy choices that prioritized full employment– as it turns out putting people first, works. @joshbivens_DC wrote here: https://t.co/GVVFXrnZVf pic.twitter.com/ajakNCRjhu

— Hilary Wething (@hilweth) October 4, 2024

Reminder that a strong labor market is one of the best ways to reduce wage disparities–see this analysis from @eliselgould — https://t.co/ykZ49Hfa0w pic.twitter.com/De8LxCjTWA

— Hilary Wething (@hilweth) October 4, 2024