Economist analyzes U.S. job growth following midterm elections
Economist says strong job growth masks inflation concerns and high costs for consumers.
(Photo via NPR)
The U.S. economy added 165,000 jobs in October 2026, a figure that surpassed the initial expectations of approximately 59,000 jobs. The unemployment rate for the month was recorded at 4.1%, a level described by experts as being near full employment.
Mark Zandi, chief economist at Moody’s Analytics, discussed the latest data during an interview on NPR’s Morning Edition on Nov. 6. While Zandi characterized the job creation and unemployment figures as positive news, he noted that the broader economic picture remains complex.
Despite the growth in employment, Zandi pointed to persistent challenges regarding wage growth, which has struggled to keep pace with inflation. He highlighted that many Americans continue to face high costs for essential goods and services, including groceries, healthcare, and fuel.
Zandi suggested that public sentiment regarding the economy is unlikely to improve until inflation moderates. He specifically cited the need for gas prices to return toward $3 a gallon and mortgage rates to move closer to 6% rather than their current position above 7%.