AMNA NAWAZ: Welcome to the "News Hour."

The Labor Department today issued one of the last jobs reports before the presidential election and the numbers are strong; 254,000 jobs were added in September, beating expectations.

The unemployment rate fell from 4.2 to 4.1 percent and wages were up, averaging a gain of about 4 percent compared to a year ago.

Overall, the report paints a picture of a robust American economy, which, for most voters, remains their top issue this election year.

For more, let's turn now to Deputy Secretary of the Treasury Wally Adeyemo.

Welcome back to the "News Hour."

Thanks for joining us.

WALLY ADEYEMO, U.S. Deputy Treasury Secretary: Thank you for having me.

It's great to be here.

AMNA NAWAZ: So, overall, it is a very strong report.

If there's any weak spot, there's some lingering concern around manufacturing specifically.

It's the only sector where they lost jobs.

What explains that?

WALLY ADEYEMO: You're right to do it's a very strong jobs report.

And not only the report this time, but the backward revisions that showed that we have created more jobs over the summer than people had known then, demonstrates the progress we have made in the economy.

And when it comes to manufacturing, one of the things the president and the vice president have been very focused on is a strategy of making sure that we build a manufacturing sector here in the United States.

One of the key drivers of this job report and job reports over the course of this year has been construction jobs.

And those construction jobs are largely tied to building manufacturing facilities based on three laws the president and vice president have gotten passed, the infrastructure law that was passed on a bipartisan basis, the CHIPS and Science ACT, and also the Inflation Reduction Act, all of which are helping to build up manufacturing plants that will ultimately employ Americans to do something that we need to do in this country, which is build things for America.

AMNA NAWAZ: We also did see the average duration of unemployment tick up slightly.

That's now at 22.6 weeks.

It's a new high since 2022.

Is that a sign to you that people who need jobs are having a tougher time finding them?

WALLY ADEYEMO: The view of the economy, when you look at it now, is that people who want jobs have been able to find jobs in this economy.

But in addition to the 16 million jobs that have been created during the Biden/Harris administration, we have seen a number of Americans decide to start their own businesses at a record number.

Over the course of the last four years, we have seen 19 million Americans start businesses.

And the job growth that we have seen, 70 percent of that job growth has come from small businesses.

We have seen a record number of Americans make that choice to either work full-time, to work part-time, and to start a new business.

AMNA NAWAZ: We have also seen inflation continue to tick down.

It's been on a real journey over the Biden administration when you look at all of those years.

It is now down to 2.5 percent, way down from that high of 9.1 percent we saw back in 2022.

It's fair to say there is some uncertainty on the horizon, though, correct?

I mean, you saw crude oil prices spike yesterday around uncertainty in the Middle East, for example.

So, I'm curious, what are you tracking most closely that you think could cause price increases and maybe cause inflation to go up again?

WALLY ADEYEMO: The things I'm tracking right now are data that are showing that prices are coming down throughout the economy.

And you mentioned crude oil.

Today, the price of gas around the country averages $3.18.

At the beginning of the year, it was closer to $4.

We're also seeing prices at stores come down for select goods as well.

Ultimately, one of the things we have to do is continue to make that progress by working to help to make sure that supply chains stay robust and we're able to do that.

And the end of the strike yesterday by dockworkers will ensure that goods can not only get to consumers, but important goods can get to those Americans who are suffering because of the hurricane that happened.

AMNA NAWAZ: Is there any uncertainty that you're tracking that gives you concern about inflation turning around, though?

WALLY ADEYEMO: We want to be frank that, while we have made a great deal of progress since the pandemic, prices for Americans in certain areas remain too high.

That's why we're focused on trying to reduce the cost of health care through what we have done in terms of reducing the cost of insulin to $35 and also reducing the cost of medication for Americans.

Taking steps to do those things are going to be important to making sure that we continue to make the progress we have made in not just bringing down inflation, but bringing down the prices of things for Americans.

One of the things that gives me confidence that we can do these things is the fact that we're seeing wages grow faster than inflation today.

And as long as we continue that progress in terms of prices come down -- coming down, and wages going up, I feel very confident about the American economy.

AMNA NAWAZ: Can I just put to you what we found from our latest PBS News poll as well?

Because the economy is the top issue for Americans right now.

Some 68 percent of those polls said that they think the economic conditions in America right now are fair or poor.

Only about 32 percent said that the nation's economy is excellent or good.

What, in your view, is behind that pessimism right now, and what will it take for that to shift?

WALLY ADEYEMO: As I mentioned earlier, if you look back just four years ago, the American economy was in a far different place.

We were in a place where we had almost 15 percent unemployment just over four years ago, where we had 2.5 million construction and manufacturing workers out of work because of a global pandemic.

We're still in the midst of recovering from that pandemic, and we have made a great deal of progress, in terms of creating 16 million jobs and 19 million small businesses.

But there's more that we need to do.

And we have got to continue to make that progress in order for the American people to see what the rest of the world sees, that the American economy is growing faster than any major economy in the world and that we're making progress towards making sure that people have the ability to build opportunity not only for themselves, but also for their children.

AMNA NAWAZ: That is the deputy secretary of the Treasury, Wally Adeyemo, joining us tonight.

Mr. Deputy Secretary, thank you for your time.

Good to speak with you.

WALLY ADEYEMO: Thank you for having me.

Take care.