Federal Reserve officials received bad news in the September jobs report, which showed weak hiring and stagnating participation in the labor force — signs that the labor market will take time to heal. But with inflation high and wages picking up briskly, the risk is that central bank officials may not have the breathing room to wait for a full recovery.The Fed has two jobs, fostering maximum employment and keeping inflation low and steady. In recent decades, inflation has been contained or even tepid, so central bankers have been able to give the labor market plenty of room to heal. …
