Fresh employment data for September showed that hiring picked up strongly, the unemployment rate dipped and wage growth came in strong last month adding to a string of recent data pointing to economic resilience.
Data revisions released last week showed that growth has been stronger and incomes have been more solid than previously understood. Retail sales data are holding up.
The fresh data is good news for the Federal Reserve, for the White House and for Kamala Harris's campaign as the vice president and Democratic nominee tries to make an economic case to voters ahead of the presidential election in November.
It supports the idea that the economy is either headed for, or has possibly already achieved, a soft landing, in which inflation comes down without spurring economic pain in the process.
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