22,500 jobs a month would have set off alarms two years ago. Today it might be fine. Fed officials are still grappling with how to explain that. “Conveying that a zero-job-growth economy is consistent with full employment is not easy,” SF Fed President Mary Daly wrote Friday. That’s a precarious place to be when yet another supply shock hits. If the Iran war drags on and higher fuel costs or product shortages squeeze firms and consumers, there’s no cushion in the labor market to absorb it. The Fed has less room to help because inflation worries may make rate cuts less of a sure thing. https://www.wsj.com/economy/jobs/how-to-interpret-the-wild-swings-in-the-jobs-numbers-ef447502?st=5NTh4Z&reflink=desktopwebshare_permalink(Nick Timiraos)