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Jobs are up! Wages are up! So why am I as an economist so gloomy?

In any other time, the jobs news that came down on Dec. 2, 2022, would be reason for cheer. The U.S. added 263,000 nonfarm jobs in November, leaving the unemployment rate at a low 3.7%. Moreover, wages are up – with average hourly pay jumping 5.1% compared with a year earlier. So why am I not celebrating? Oh, yes: inflation. The rosy employment figures come despite repeated efforts by the Federal Reserve to tame the job market and the wider economy in general in its fight against the worst infla

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