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The U.S. labor market continues to hum along. In October, 261,000 net new jobs were created – above market expectations for approximately 200,000 – but the unemployment rate increased to 3.7% from 3.5% (which was a 50-year low). Labor force participation slumped, which is bad news – particularly for hiring organizations. But wage growth continues to moderate, which is good news from the perspective of the Fed’s goal of taming inflation.
Good news: Wage growth moderating
A “good” sign in this report is that wage growth continues to moderate. We put scare quotes around “good” because policymakers are keen
