For months, the "vibes" — anecdata, CEO surveys and the like — have pointed to a cooldown underway in the U.S. labor market. The official data, especially on growth in employers' payrolls, has mostly not.
Why it matters: In October, they finally converged. With the new jobs numbers, there's little doubt that the labor market is shifting into a lower gear. That should diminish inflation pressures and make the Fed more confident it is done raising interest rates.
