Good Grind

While September employment growth of 134,000 new jobs was slightly disappointing and probably due to Hurricane Florence, the report was otherwise excellent. Upward revisions to July and August totaling 87,000 were spectacular, and the unemployment rate hit 3.7%, lowest level since 1969! Y-o-Y wage growth for the bottom 10% of workers rose 5.1%, topping average hourly earnings growth of 2.8%. Regrettably, the labor force participation rate remains stuck at 62.7%.