Looking at the Jobs Report for Signs of What the Fed Will Do

The so-called slack that built up in the labor market after the Great Recession has altered traditional calculations of how far unemployment can fall before the job market tightens and the risk of inflation rises.

Spencer Platt/Getty Images

At 8:30 a.m. Eastern time on Friday, the Labor Department will report on hiring and unemployment for October.

This is a big one, with a December increase in interest rates by the Federal Reserve a real possibility. A strong report could convince policy makers it is finally time to move. Another poor showing could stay their hand.

After employers added a…

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