- The U.S. economy can take another win with a small “W” as it looks to navigate through what had been the highest inflation level in more than 40 years.
- Despite a high level of anxiety heading into the Labor Department’s nonfarm payrolls report, the details were fairly benign.
- Still, the solid report couldn’t dispense the lingering feeling that the economy isn’t out of the woods yet.
- Key to whether the so-called landing is soft or hard will be the consumer, which collectively accounts for nearly 70% of all U.S. economic activity and has been pressured by inflation.
A UPS seasonal worker delivers packages on Cyber Monday in New York on Nov. 27, 2023.
Stephanie Keith | Bloomberg | Getty Images
November’s solid jobs report did not assure that the economy will come in for a soft landing, but it did help to clear the runway a little more.
After all, there’s nothing about a 3.7% unemployment rate and another 199,000 jobs that even whispers “recession,” let alone screams it.
At least for now, then, the U.S. economy can take another win with a small “W” as it looks to navigate through what had been the highest inflation level in more than 40 years — and a still-uncertain path ahead.
“Overall, the jobs market is doing its part to get us to a soft landing,” said Daniel Zhao, lead economist at jobs rating site Glassdoor. “It’s boring in all the right ways. That’s a welcome change after a few years of less-boring reports.”
Indeed, despite a high level of anxiety heading into the Labor…
