Employment and wages are up, so why all the economic gloom? Expert has a simple answer

IN ANY OTHER time, the jobs news that came down on Dec. 2, 2022, would be reason for cheer.

The U.S. added 263,000 nonfarm jobs in November, leaving the unemployment rate at a low 3.7 percent. Moreover, wages are up — with average hourly pay jumping 5.1 percent compared with a year earlier.