Despite a September jobs report that saw the U.S. economy add 119,000 positions—more than double the expectations of forecasters—top economist Justin Wolfers is urging caution, warning that rising unemployment signals it is time for the country to “cut back on the economic junk food.”

Mixed Signals From September Jobs Report

Following the release of the Bureau of Labor Statistics data, Wolfers, a Professor of Public Policy and Economics at the University of Michigan, characterized the report as a classic case of mixed signals.

While the headline number of 119,000 jobs suggests an economy that is “still standing” and not currently in a recession, the creeping unemployment rate—now hovering near 4.5%—tells a more concerning story about the broader trend.

“Monthly jobs reports are like bathroom scales: step on once and you get noise, step on for months and you see the trend,” Wolfers noted. “The higher unemployment rate says ‘maybe cut back on the economic junk food.'”

Monthly jobs reports are like bathroom scales: step on once and you get noise, step on for months and you see the trend. September's number says "still ...