The September jobs numbers have something for everybody.

Say you’re a president about to run for re-election and you’re looking to boast about the fantastic economy. Good news! The unemployment rate fell to 3.5 percent, the lowest in nearly five decades. The drop, from 3.7 percent, occurred for good reasons — more people were working. The share of adults 25 to 54 who are working reached its highest level in more than 12 years.

Or suppose you’re a central banker who is looking for a soft landing for the economy — you want the expansion to continue but in a way that is sustainable given the United States’ demographic realities. Well, the 136,000 jobs added in September are about what you want to see. Over the last six months, employers have created 154,000 net jobs per month, down from 223,000 a month during 2018, which makes sense given the ultralow unemployment rate and slowing growth in the number of working-age adults.

Then again, what if you are a more pessimistic type, and think that the ostensibly strong economy is failing to reward workers, and just may be about to fall off a cliff? You have some ammunition, too!

Worker pay was essentially flat in September — average hourly earnings down a penny, actually. Over the last year, average hourly earnings are up only 2.9 percent — weaker than the 3.2 percent gain reported for August and well down from the 3.4 percent rise in the year that ended in February.