US job and wage growth beat expectations, making the Fed's job harder

December 2, 2022, Opinion: "The US labor market remains very tight according to the November employment report. Nonfarm payrolls increased by 263,000 last month—above market expectations of 200,000 (figure 1). Over the past three months, payrolls are up by an average of 272,000 per month; this pace is only half that seen in early 2022, but it is still robust. The unemployment rate was unchanged in November at 3.7 percent, remaining near its lowest level in 50 years, and the labor force participation rate, at 62.1 percent, was still roughly where it was earlier in the year."