Most of the time, if a jobs report like the one that came out Friday morning were to be released, there would be only good things to say about it. Job creation remained robust, the unemployment rate fell to match a five-decade low, and wages rose steadily in September.
Yes, but: These are not normal times. We're at a moment in which small changes in the data could have an outsized effect on the Federal Reserve's policy fulcrum, and hence what the economy looks like in 2023 and beyond.
