Wage Growth Slows as Unemployment Falls Back to Half-Century Low
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The December employment report showed a very strong labor market but much less evidence of inflationary pressures than in prior months. The unemployment rate fell back to 3.5 percent, its half-century low. The U-6 measure of labor market slack fell to 6.5 percent, its lowest level on record. At the same time, wage growth moderated. There was a sharp downward revision to the November data. With 0.3...