significantly cooling labor market or is that impossible? i wouldn t say it s impossible. we want to achieve what we call a soft landing, a gradual return to #% inflation where the labor market cools a little bit but we avoid a recession. there is not a great track record of pulling that off. that s what we are nervous about. we also haven t had an economic situation like this before. a lot of it caused by a pandemic we haven t seen before. it s sort of all new unchartered territory. exactly right. let s talk debt ceiling. a really necessary topic. no doubt it will come up in the state of the union. secretary yellen has warned about this, writing that letter to speaker mccarthy saying, congress, do your job and raise the debt ceiling. if they don t, there will be economic and financial catastrophe she says. how concerned are you, level one to ep ten, ten the most extreme of a default in joune? it would be a catastrophe. i agree with secretary yellen.
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year. that is the second highest on record after only the year before. 4.5 million jobs. you go back to the go-go reagan days, the best then was like 3.8 million. 4.5 million jobs created in the most recent year. that s something. but the slowing more recently, that s the goldilocks part that is so important. welcome news to the fed, as christine pointed out. for people at home, it still indicates a strong labor market. we don t want to confuse people when we say a cooling labor market. we have gotten a slew of labor data this week that shows there s still more than 10 million open jobs. 1.7 open jobs for every one person looking. what we re starting to see in this report is that wages are starting to slow. so wages came in at 0.3% monthly. that s a little lower than expectations on a yearly level, that also came in lighter than expectations. the concern for people at home thinking why are wages going up a bad thing? the fed has been concerned that some of the higher wages could