With 321,000 new jobs last month, the labor market is returning to strength. "The latest numbers came with nascent signs of wage growth, the result of qualified individuals reentering the workforce, putting pressure on companies to retain their best employees or bid for new applicants." Chico Harlan in The Washington Post.
"Wow, 321k beats the consensus expectation outside the 90% C.I., that can't happen that often." --@squarelyrooted
But America still needs a raise. Given improvements in productivity, wages should be increasing by around 4 percent a year. For some reason, they're not. Matt O'Brien in The Washington Post.
YGLESIAS: It's too early to celebrate. The report contains all kinds of good news, and cheaper oil next year will help the economy, too. That said, there have been a few false dawns in the past six years. Vox.
KRUGMAN: Don't blame Obama for the sluggish recovery. The stimulus was inadequate, and more aggressive spending by Congress would have brought the economy to this point sooner. The New York Times.
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