Jobs Help But Lack of Wage Lift Won't Help Dems, Says Moody's Zandi

Broad gains in the September jobs report bodes well for the economy, but a lack of wage inflation will not help the Democrats come election day, said Mark Zandi, Chief Economist at Moody's Analytics. Total non-farm payroll employment rose by 248,000 in September, compared with an average monthly gain of 213,000 over the prior 12 months. The unemployment rate declined by 0.2 percentage points to 5.9%. The change in total non-farm payroll employment for July was revised from +212,000 to +243,000, and the change for August was revised from +142,000 to +180,000. Average hourly earnings for all employees on private non-farm payrolls remained unchanged at $24.53.