The American labor force has entered a new equilibrium for job creation. Over the past three months, the economy has generated an average of 51,000 jobs a month, so the initial September estimate of 29,000 new jobs created, which was released on Friday, is in line with the 35,000 positions needed to keep the labor market stable. When combined with the increase in the unemployment rate to 4.2%, the slowing in the top-line estimate should reinforce market expectations that the Federal Reserve will not increase interest rates at its meeting at the end of the month. Get Joe Brusuelas’s Market Minute commentary every morning. Subscribe now .
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