November's payroll figures surprised on the upside after the sharp drop in October, but the overall signal points to a gradual slowdown.

The unemployment rate rose to its highest level in four years, reinforcing the view of a less tight labor market.

For the Fed, the picture doesn't yet change the baseline scenario, but it reduces the urgency for further tightening.

The data helps support the narrative of a soft landing, with resilient but less inflationary growth.