As far as jobs reports go, November's wasn't exactly what the Federal Reserve was looking for.
A higher-than-expected payrolls number and a hot wage reading that was twice what Wall Street had forecast only add to the delicate tightrope walk the Fed has to navigate.In normal times, a strong jobs market and surging worker paychecks would be considered high-class problems. But as the central bank seeks to stem persistent and troublesome inflation, this is too much of a good thing.
made Wednesday. The central bank chief outlined a set of criteria he was watching for clues about when inflation will come down. "The November employment report ... is precisely what Chair Powell told us earlier this week he was most worried about," said Joseph LaVorgna, chief U.S. economist at SMBC Nikko Securities. "Wages are rising more than productivity, as labor supply continues to shrink. To restore labor demand and supply, monetary policy must become more restrictive and remain there for an extended period."Powell said he still sees a path to a "soft landing" for the economy.
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