The Economy Looks Strong After the Latest Jobs Report

The American labor market, which for months has worried even some optimistic economists, looked in remarkably good shape today after the government released a new employment report. Businesses added 254,000 jobs last month, far outpacing expectations. The unemployment rate declined to 4.1 percent and wage growth remained strong.

The robust jobs numbers align with other strong economic data to paint a portrait of a solid economy. Consumer spending has been holding up, overall growth has been solid and inflation has ticked town. Employers appear to be meeting resilient consumer demand by expanding their work forces.

The fresh data is good news for the Federal Reserve, the White House and Kamala Harris. The report came less than a day after striking dockworkers agreed to return to work, avoiding what could have been a major economic disruption before the election. The vice president has been trying to argue that she and President Biden deftly led the economy through the challenges of the pandemic.

In related news, a surge in pandemic era start-ups has helped drive job growth, and could have longer-term benefits.