Loving Labor

November net job growth was strong at 263,000. While it’s the weakest number this year, signaling a softening market, it’s still way too strong. To wit, M-o-M wage growth rose a very robust 0.6%, the highest rate since 10/21. Moreover, the labor force participation rate has now declined for three straight months and is at lowest reading in almost a year. This gives the Fed permission to keep raising rates.