The resilience of the American job market has been a major surprise. Last year, employers added 4.5 million jobs, second only to the 6.7 million that were added in 2021 in government records going back to 1940. 

Excluding volatile food and energy prices, so-called core inflation was up 4.7 percent over the previous year. That was the smallest increase since October 2021.

Minutes from the latest meeting of the central bank’s policymakers show most favored reducing the size of their interest rate hikes ‘soon.’

There are nearly two job openings for every unemployed American.

PAUL WISEMAN

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