All year, as inflation has surged and the Fed has imposed ever-higher borrowing rates, America’s labor market has defied skeptics, adding hundreds of thousands of jobs, month after month.With not enough people available to fill jobs, businesses are having to offer higher pay to attract and keep workers.In November, average hourly pay jumped 5.1% compared with a year ago, a robust increase that is welcome news for workers but one that makes the Fed’s efforts to curb inflation potentially more difficult.On a month-to-month basis, wages jumped 0.6% in November, breaking a streak of smaller gains that had suggested that pay growth might be cooling.Wall Street ends mixed following strong data on wages, jobs How major US stock indexes fared Friday 12/2/2022 EXPLAINER: 5 key takeaways from the November jobs report Biden sees economy avoiding recession, but risks remain “This will be a reminder to the Fed and to the markets that the job on inflation is not done,” said Blerina Uruci, chief U.S. economist at brokerage T. Rowe Price."