The American economy has an unusual problem: The job market looks too strong — at least to the inflation fighters at the Federal Reserve
, inflation remains far above the Fed's 2% target, which is why the central bank's policymakers have reiterated their intent to keep raising borrowing rates for at least a few more months.
But the job market's resilience isn't making that hoped-for outcome any easier. On Wednesday, the Labor Department reported that, an unexpected jump from 10.4 million in November and the largest number since July. There are now about two job vacancies, on average, for every unemployed American. Yet another sign that workers are benefiting from unusual job security is the weekly number of people who apply for unemployment benefits. That figure is a proxy for layoffs, one that economists monitor for clues about where the job market might be headed. The government said Thursday thatThe pace of applications for unemployment aid has remained rock-bottom despite a steady stream of headline-making layoff announcements.
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