"The jobless rate is lower than a year ago, and payroll growth is noticeably above last year's pace," Federal Reserve Chair Kevin Warsh said during his press conference following the October Fed meeting . In addition to a jobless rate of 4.2%, Warsh cited a four-week moving average for unemployment insurance claims that continues to run at the lowest level in generations. "So, on the employment side of the Fed's dual mandate, conditions are quite positive," Warsh concluded. That's despite a cooler-than-expected September jobs report, at a time when "there is a lot happening" and "the world is quite unsettled," as Warsh observed at last month's meeting. The U.S. added 29,000 new jobs in September, well below a consensus forecast of 93,000.
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