The Labor Department’ monthly job report released on Friday brought good news for workers, but likely created a Maalox moment for Federal Reserve officials trying to get inflation under control.
The report showed that hiring slowed only slightly in November, with employers adding 263,000 jobs last month, compared to 284,000 jobs in October. The unemployment rate held steady, at a low 3.7%.
The Federal Reserve has been looking for weakness in the resilient labor market, which would help slow down inflation. That, in turn, would give the central bank a reason to pull back on the throttle of raising interest rates. In less than a year the