Some relief for those fearing the U.S. economy is careening towards a recession...
The unemployment rate dropped to 3-1/2 percent. Unemployment hasn't been that low in 50 years
The government's key monthly jobs report released Friday also showed a modest uptick in hiring during September.
President Trump praised the report on Twitter.
Though the 136,000 net new jobs created last month came in below expectations, numbers for the two months before that were upwardly revised, suggesting there hasn't been a steep slowdown in hiring.
A solid labor market has been supportive for consumer spending and the economy overall. Consumers have kept this economy afloat at a time when businesses have pulled back. Sentiment among corporate leaders has soured with global manufacturing operations disrupted and the outlook clouded by the Trump administration's numerous trade spats.
That weakness showed up in Friday's jobs report. Factory hiring dropped for the first time in six months on the heels of the biggest drop in manufacturing activity in more than a decade.
Retail also had another losing month.
Another negative? Average salaries were unchanged.
Most economists believe the report was just enough to suggest the Federal Reserve will cut rates at least one more time this year.
And that was enough to spark a rally on Wall Street.