US businesses are creating jobs at a rapid clip, but the pool of workers they can hire from keeps shrinking.

That’s the key takeaway from the November jobs report published Friday -- and it’s not an encouraging one for the Federal Reserve.

The labor shortfall that’s troubled employers since the pandemic hit became even more acute last month, as more Americans dropped out of the workforce. Wages jumped the most in nearly a year, as firms compete to hire scarce talent.

From the Fed’s point of view, all that extra cash in consumers’ pockets means more spending power, ...

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