Economics
Cooling in U.S. Labor Market Arrives a Bit Earlier Than Expected
- Job gains missed forecasts while remaining relatively healthy
- Wages show inflationary pressures still aren’t flaring up
A contractor adjusts a floor joist while working on a home under construction in Elgin, Illinois.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
The U.S. labor market moderated somewhat in November, a development economists have been preparing for -- though maybe not this soon.
While job gains of 155,000 missed all forecasts, and the prior month’s reading was revised down, the figures are still consistent with solid economic growth. At the same time, wages which rose less than expected on a monthly basis, aren’t yet running away to a level that would encourage the Federal Reserve to raise interest rates at a more aggressive pace.