US job growth is slowing, but the labor market remains very hot

November 4, 2022, Opinion: "The US labor market is getting less hot. The pace of job growth has steadily slowed from 444,000 per month in the first half of the year to an average of 289,000 per month in the last three months. At the same time the pace of nominal wage growth (adjusted for industry-level composition changes) slowed from an annualized pace of 4.5 percent in the first half of the year to 3.8 percent in the last three months. Nevertheless, the labor market remains very hot: The unemployment rate remains around its fifty-year low and other labor market indicators, like job openings and quits, are highly elevated."