Economist Steve Moore said Thursday on Fox Business that the latest employment numbers show a clear turnaround from the Biden-era trend of shrinking buying power.
The Labor Department reported Thursday that employers added 119,000 jobs in September, a rebound from August’s sluggish 22,000 gain as the unemployment rate held nearly steady at 4.4%. Appearing on “Kudlow,” Moore said he won’t predict the Fed’s next move, but he argued that the data tells a larger story.
“What I really liked about that jobs report, Larry, was the wage growth. I just don’t get the left’s obsession about affordability and a loss of buying power,” Moore told host Larry Kudlow.
Moore pointed to five consecutive months where wage growth ran ahead of inflation.
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“This is like the fifth month in a row that wages have outpaced inflation. And that’s exactly the opposite of what happened under Biden,” Moore said. “Eighty-seven percent of the inflation and everything from meat to eggs to rents, that all happened under Joe Biden.” (RELATED: US Job Growth Smashed Expectations In September)
Forecasters expected the U.S. to generate roughly 50,000 new payroll positions in September while joblessness stayed at 4.3%, CNN noted. Yahoo Finance said Wednesday that the release of the figures was pushed back six weeks because of the record-length federal shutdown.
National Economic Council Director Kevin Hassett told CNBC on Monday that artificial intelligence is contributing to a “quiet time” in the U.S. job market and said the broader labor landscape has been sending “mixed signals.”
In October, the Federal Reserve announced its second rate cut of 2025, though Vice Chair Philip Jefferson said in a Monday speech that the “evolving balance of risks” to the U.S. economy “underscores the need” for the central bank to “proceed slowly” with further reductions.
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