U.S. employers were in a festive mood in November as the holiday season approached, hiring the most workers in any month in nearly three years. Job creation was deep and broadly distributed, benefiting nearly every sector. Although the unemployment rate remained unchanged, other indicators point to tightened labor market slack. This will place intensified pressure on wages and incomes in the months ahead, potentially leading to a modest increase in inflation that could spur the Federal Reserve to raise its benchmark lending rate in the spring.
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