e monthly U.S. jobs report, released by the Labor Department on Friday morning, struck an oddly cheery note at the near end of this ugly election season. A hundred and sixty-one thousand new jobs were created in October, the unemployment rate fell to 4.9 per cent, and wages grew faster than at any point since the financial crisis. Combined with last week’s report of strong G.D.P. growth, this is evidence that our economy is healthy and growing—and that growth is being reasonably widely shared. While this doesn’t mean that America’s growth is as robust as we might wish, or that we don’t face deep challenges, these numbers are incompatible with a view that America is in a profound economic crisis. Yet many people believe it is.
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