In a recent government meeting, Deputy Treasury Secretary Wally Adeyemo discussed the latest Labor Department jobs report, which revealed a robust addition of 254,000 jobs in September, surpassing expectations. The unemployment rate decreased slightly from 4.2% to 4.1%, while wages rose by approximately 4% year-over-year, indicating a strengthening U.S. economy as the presidential election approaches.

Adeyemo highlighted that the construction sector has been a significant contributor to job growth, driven by recent legislation including the bipartisan infrastructure law, the CHIPS and Science Act, and the Inflation Reduction Act. However, he acknowledged concerns in the manufacturing sector, which experienced job losses, and noted that the average duration of unemployment has increased to 22.6 weeks, the highest since 2022.

Despite these challenges, Adeyemo pointed to a record number of Americans starting their own businesses, with 19 million new ventures launched in the past four years. He also reported a decline in inflation, now at 2.5%, down from a peak of 9.1% in 2022, although he cautioned that certain prices remain high.

The Deputy Secretary addressed public sentiment regarding the economy, referencing a PBS News poll where 68% of respondents rated economic conditions as fair or poor. He attributed this pessimism to the lingering effects of the pandemic and emphasized the need for continued progress to shift public perception.

In other news, the Supreme Court has decided to uphold two Environmental Protection Agency (EPA) rules aimed at reducing methane and mercury emissions from the oil and gas industry, despite challenges from Republican-led states and industry groups. The court will also hear a significant case regarding a $10 billion lawsuit from Mexico against U.S. gun manufacturers, alleging their sales practices contribute to illegal arms trafficking. Additionally, the justices will deliberate on the licensing of nuclear waste storage in West Texas.