Wall Street Journal senior editor Jon Hilsenrath discusses the Federal Reserve’s likely response to September jobs numbers.

Unemployment dropped to a 50-year low in September, even as job growth remained sluggish, with businesses adding just 136,000 workers.

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While the jobless rate fell by 0.2 percentage point to 3.5 percent, the lowest rate since 1969, hiring missed economists’ expectations of 145,000 and came in sharply below the 2018 average of 223,000.

The data comes amid renewed concern that the U.S. economy is decelerating, driven by a slew of lackluster data this week: the worst manufacturing reading in more than a decade — a key harbinger of recession — and lower-than-expected private-sector job growth.

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