America's jobs scare recedes

The labor market looks considerably healthier than it did at the start of the summer. Why it matters: Friday morning's jobs report recast the last two months as a period of modest job growth rather than of outright deterioration, capped by a gain last month that was more than triple what economists expected. The labor market is weathering the Iran conflict and an AI-driven transformation of the economy with surprisingly little damage, at least for now. For the Federal Reserve, the report puts…